Spirit Technology Solutions (ST1) has delivered a sturdy profit and record revenue over the six months to the end of December 2020
While Spirit initially made a name for itself as a telco and internet provider, the company changed its name in October 2020 to reflect its expanded services
With the company internet, cybersecurity, cloud services, managed IT, and more, Spirit was able to increase revenue to $44 million over the half-year — 253 higher than the same period the year before
This revenue boost underpinned a $508,000 net profit for the half-year compared to a $740,000 loss over the prior corresponding periodAt the end of December, Spirit had $23.3 million in cash and debt, with the integration of some important acquisitions tracking along ahead of schedule
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