Netsuite partner JCurve Solutions has slipped into the red once again despite posting strong sales for the 2022 financial year ending 30 June.
The Sydney-based company made a net loss after tax of $66,390 for the year ended 30 June 2022, a marginal decline from its $152,255 profit in FY 2021.
However, following further expansion into Asia via the acquisitions of Philippines-based Creative Quest and Thailand’s Rapid E-Suite, JCurve has posted revenue of $15.3 million. This marks an increase of 44 per cent on the $10.6 million posted in the previous year.
According to JCurve’s end-of-year report, the increase was achieved from a combination of strong organic growth and contributions from the two aforementioned acquisitions.
Two-thirds of JCurve’s revenue came from the sale of its own and Netsuite’s ERP licenses, alongside associated support and implementation in Australia, plus $2.6 million from its Asia license sales. Additional income also came from the sale of telecommunications expense management solutions, which sat at $1.3million.
Digital marketing solutions from JCurve’s Dygiq business division and the sale and implementation of the Quicta solution collectively added another $1.1 million to the coffers.
The results however show a significant upturn from JCurve’s 2020 financials, when the publicly listed company experienced revenue and net profit losses due to the COVID-19 pandemic. That year, revenue was down 11 per cent to $11.2 million while net profit after tax tumbled into the red at $335,419.
Last year, JCurve managed to turn its profits around, returning to $300,000 in the black before tax, while its sales and 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.