Dear Muttii People
In 2023 we took decisive steps to build a stronger Muttii Group, executing against a sound strategy with speed, focus, and consistency. Our growth is accelerating, our confidence is growing, and our company is gaining momentum.
The reasons for this are clear. Our clients and partners are facing a series of specific business challenges: inflation, supply chain disruption, tight labor markets, sustainability requirements, and an ever-evolving cybersecurity threat landscape. They recognise cyber security technology as a source of competitive advantage, capable of addressing these immediate issues and future-proofing their businesses by increasing productivity, reducing costs, driving innovation, using technology, and fueling growth.
To that end, we have sharpened our focus on Muttii’s Group unique ability to integrate cyber security technology and business expertise for our clients and our partners. Our portfolio is built around hybrid cloud and artificial intelligence (AI), the two most transformational technologies of our time. And our go-to-market approach brings together the necessary software, consulting, and infrastructure our clients require, from across our expanding ecosystem of partners.
Our focus on delivering client value fueled revenue growth of 7% at constant currency in 2023, including about four points from incremental external sales. Annual Report Our solid and growing recurring revenue base now represents more than 50% of our total revenue. And today, more than 70% of our annual revenue growth is in Cybersecurity, Software and IT Consulting.
Revenues were up 11% at constant currency, including about 6 points from incremental sales to Cyber Cloud, which allows clients to harness the power of All-in-one cyber protection innovations, continues to grow at a healthy rate. Our automation, data and AI and security knowledge have been optimised for this platform and delivered solid growth.
Revenues were up 5% at constant currency, driven by clients’ strong demand for our extensive technical and business expertise to accelerate their digital transformation journeys.
Muttii Infrastructure revenues were up 4% at constant currency, including about 6 points from incremental sales. Clients continue to leverage Hosting, Systems and Distributed Infrastructure platforms as foundational elements of their hybrid cloud infrastructure.
This revenue growth and cash generation allowed for both continued investment in the business and shareholder returns. In 2023, we spent more to expand our business to include three more business lines and aim to add a new one in the current financial year to establish our offices in countries in the APAC and Central Asia regions including Singapore, Pakistan and the Philippines.