According to the figures, the group’s total revenue, which includes services charges and associate charges, increased to $119.1 million, or 2.1 per cent. Meanwhile, total net revenue increased by 1.7 per cent, sitting at $95.6 million, which includes other income of $1.9 million, and is after recoverable expenses from associate charges of $25.4 million.

Also seeing an increase was QANTM’s total underlying expenses. Figures show the group recorded $68.4 million over the 12 months, marking a jump of 3.5 per cent (or $2.3 million). QANTM put the increase here down to numerous spend activity, including but not limited to an increase in employee benefits, the establishment of its US sales office, and investment in corporate resources and greater technology to support remote working arrangements.

Further, QANTM’s underlying EBITDA, after foreign exchange was $26.1 million, down from a neat million from the year prior. Statutory net profit after tax was recorded as $10.4 million, up 10.6 per cent from the year prior, while underlying net profit after tax was $12.2 million, down 9.6 per cent from the year prior.

Operating cash flow increased by 31.1 per cent to $19.8 million over the 12 months. Meanwhile net debt was $16.2 million as at 30 June 2021, down from $17.4 million as at 30 June 2020.

Commenting on the results, QANTM chief executive Craig Dower credited the group’s ability to adapt to an ever-changing pandemic environment.

“QANTM’s financial year 2021 results reflect the underlying strength of the QANTM business model,” he said.

“The team has continued to perform exceptionally well under continued challenges related to the COVID pandemic. Our continued emphasis on support for our people, including an emphasis on flexibility and wellness, has resulted in high engagement, excellent retention levels and the attraction of new talent.”

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Mr Dower also put the group’s success down to the growth in patent applications, particularly in the Australian market where total applications grew by 9.7 per cent compared to the 2.4 per cent across total global figures.

“QANTM Group’s patent applications are at their highest levels since IPO in 2016 and have been accompanied by further growth in the market shares of DCC and FPA in Australia,” Mr Dower explained.

“Trade marks had continued growth, with DCC maintaining its leading market position. Legal services, after two strong prior years, had a slight moderation in overall revenues, mainly reflecting the timing of case load work in the second half of the financial year.

“Given the lifecycle characteristics in both patents and trade marks, QANTM is building a solid base of future revenue generation which flows through prosecution, advisory and renewal businesses, as well as associated legal and litigation services. It is our objective to broaden this revenue base through our business technology and business development activities, continued growth in our Asian presence, as well as targeted M&A.”