Hubify Optimistic About Managed Services Growth

Australian tech service company Hubify announced low profitability during the first half of FY22, with financial reports showing statutory post-tax profitability down 78.4% ($140,000) compared to the previous year ($650,000). While representatives with Hubify claim COVID19 conditions are partially responsible for the drop, they also point out investing in new talent was also a factor.

"Hubify successfully recruited technical and project management staff to fulfill the immediate increase in services necessary to manage the growth in the managed services division,” Hubify CEO Victor Tsaccounis told ARN “In just over six months we now have over 50 additional employees to deliver IT and telco solutions to our clients and have the capability to successfully manage the IT and technology needs for large enterprise customers.

Despite this problem, Tsaccounis seems optimistic about Hubify’s potential. Although profits were lower in the first half of FY22, revenue increased 28.8% compared to the previous year, and total organic growth grew by 16%. Additionally, Tsaccounis believes new sales support and acquisition plans will help Hubify make up for the company’s low profits.

“This capability will fuel organic growth in our voice and data business as we continue to move up the food chain and grow revenue in the enterprise segment,” Tsaccounis added, “We continue to find our niche in this section of the market and are focused on developing the capability of the organization to meet strong customer demand."

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