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October 6, 2021     Contact    
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NETSOL Technologies (Nasdaq: NTWK) Reports Net Income Up 90% for FY21
 

 


NETSOL Technologies (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported total net revenues for fiscal 2021 of $54.9 with net income up 90% to $1.8M.


"In a challenging year, we emerged stronger than before, and we're entering fiscal 2022 focused on a return to growth," said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. "As the world slowly begins to reopen and with a leaner cost structure to support increased sales and marketing activities, we are making investments to build for long term success in our key growth markets.”


Company CFO Roger Almond added: "We improved our topline performance in each quarter of the year, all while making significant adjustments to our spending in the face of a travel-restricted sales environment. Our owner-centric emphasis on managing the business has yielded positive results in several key areas, highlighted by a 154% increase in operating income and a record cash position of nearly $34 million. Additionally, subscription and support revenues have now eclipsed a $20 million annual run rate, further validating our investment in a recurring revenue model and providing us stronger visibility into future performance as well."

 
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"There can be tremendous rewards in this space, but you must be careful."
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