JCurve returns to profitability in FY21 results

JCurve returns to profitability in FY21 results

Revenue reached $10.6 million, $600,000 less than in FY20.

Credit: ASX

Publicly listed JCurve Solutions is back in the black for its 2021 financial year, claiming a pre-tax profit of $300,000. 

In its unaudited financial results for the year ending 30 June 2021, JCurve claimed it had achieved “a strong financial result” for FY21, bouncing back from the previous year’s pre-tax profit of $145,219 in the red.

Its sales income and earnings before interest, taxation, depreciation and amortisation (EBITDA) were also up to $11.5 million and $1.2 million, respectively. Revenue was down however, coming in at $10.6 million — $600,000 below its FY20 result of $11.2 million — and stemmed from an ongoing project worth $1.7 million.  

Additionally, the bulk of the project’s sales revenue at $800,000 has been allocated to unearned income and will be released as revenue at the end of the implementation, which is expected to be included in FY22’s results. 

JCurve’s FY21 result is quite the turn around from the financial year prior, which saw it struck harshly by the pandemic, with JCurve chairman Bruce Hatchman saying back in August 2020 that a number of expected large ERP and Riyo new business opportunities in Australia and Asia were lost or delayed. 

“COVID-19 accelerated business change and we are starting to see higher levels of interest in cloud adoption and digital transformation, especially in Asia which JCurve is well positioned to take advantage of once the financial restraints from the COVID-19 pandemic on customers is reduced,” Hatchman said.  

Fastforward to its first half year results for FY2021 and the Oracle NetSuite enterprise resource planning (ERP) services provider flagged its its earnings and net profit before tax, as well as net profit after tax had moved positively against the results achieved in the comparative half year FY20 period.   

This was due to reducing operating costs and a boon of $300,000 from the Australian government’s JobKeeper subsidy.  

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