Liverpool IT services firm SysGroup reports 47% rise in revenues to £21.6m for the year to March 31. Tony McDonough reports
IT services firm SysGroup is reporting a big rise in revenues despite a “challenging” economic backdrop.
In June last year SysGroup, which is based in Exchange Flags in Liverpool city centre, reported a 19% fall in annual revenues to £14.7m in the year to March 31, 2022. However, in the 12 months to March 31 this year that figure has recovered to hit £21.6m.
In a trading update ahead of the release of its full-year results on June 26, the stock market-listed firm said adjusted EBITDA, an alternative measure of profitability, was up to £3.33m from £2.82m a year ago.
Its revenue growth was achieved through a combination of 6% organic growth supplemented by the successful acquisitions of Truststream and Orchard, both in April 2022.
In its statement SysGroup said: “Although very early in the new financial year, our refreshed brand and messaging has been received well by both existing customers and new prospects.
“While the economic backdrop remains challenging, we have adapted accordingly and continue to build pipeline. The last few years has highlighted the fact that technology is essential to both protecting and driving growth in all businesses.”
Chief executive Adam Binks added: “ I am pleased to deliver solid growth in a difficult economic environment. Both acquisitions have performed well and we have a very clearly defined market strategy which is resonating within our target market.
“Given the investment we have made in the brand and the simplification of our messaging, I am confident that FY24 will deliver further progress and that we have the right offering to meet the complex needs of the market.”