Bulletproof Networks: HY15 results (BPF)

BPF released their HY15 results this week, showing the following results on PCP:


  • Revenue $11.9M (up 46%)
  • Underlying EBITDA $1.2M (up 20%)
  • NPAT $808k (HY14 $95.7k loss)
  • Underlying NPAT $567k loss (Due to performance share revaluations)


So the business is now making money, having doubled staff in 12 months, and are growing revenues at a good rate.  What’s going to create additional earnings upside is the following:

  • Contract optimisation and automation reducing back-end cost
  • Re-signing annuity revenue which lowers cost of sale
  • Building out product portfolio to include PaaS (Platform as a Service)


It’s difficult to forecast where BPF will be in HY16, but I would expect revenues to grow another 50%, with improved profitability.  As the business matures later this decade, we will see more of the annuity contracts enter a steady state, and get a good picture of new business growth vs continuing operations.  I also anticipate seeing more acquisitions of other MSPs to either build scale or complement the existing business.