IT management software reports significant financial results for 2019

SysGroup plc has announced its half-year results for the six months to September 30 2019.

SysGroup is a managed IT service and cloud hosting provider, with financial highlights as follows.

The company’s revenue has increased 60 per cent to £9.3m, whilst its recurring managed IT services are said to represent 79.7 per cent of the group’s total revenue.

SysGroup’s adjusted profit-before-tax stands at £0.65m, while its statutory loss-before-tax stands at £0.37m.

Meanwhile, the group’s adjusted cash generated from operations has increased by a major 106 per cent to £1.1m.

Adam Binks, SysGroup’s chief executive officer, said: “I am pleased to report that SysGroup continues to deliver strongly against its stated strategy, with recurring revenues now representing almost 80 per cent of our total income compared to 68 per cent when I stepped into the CEO role in April 2018.

“The acquisition of HNS has supplemented the acquisition of Certus which we completed in H2 2018 and was our largest acquisition to date.

“The successful execution of these transactions demonstrates our capability to identify and attract good businesses, together with the capability to successfully integrate them as we build out our operational infrastructure to scale up the business.”