The IT section of The Australian newspaper reported yesterday that MANAGED software hosting firm Hostworks has revived its faltering balance sheet after reporting strong sales for the year to June.
Hostworks managing director Marty Gauvin admitted that the company became “distracted” by unprofitable ventures during 2006 causing a drop of 70 per cent in the 2006 financial year, driving its profit down 77 per cent to $220,000 compared to around a $1 million in 2005.
Fortunately they’re back and have reported net profits of $2.3 million for the 12 months to June, citing record sales and revenue performance. Hostworks’ revenue reached $23 million, including $20.9 million is sales to new customers, in the same period.