IT firm SysGroup sees revenues surge – but extra investment leads to loss

Liverpool-based stock market-listed IT services and cloud host provider saw revenues rise 47.3% to £5.8m for the half-year to the end of September. Tony McDonough reports

SysGroup
SysGroup chief executive Adam Binks

 

IT services and cloud host provider SysGroup is reporting a 47.3% surge in revenues to £5.8m for the six months ending September 30.

However, the Liverpool-based firm which has its headquarters in Exchange Flags, also recorded a pre-tax loss of £350,000 following extra investment into its sales and marketing functions

Recurring managed IT services represented 77.8% of the stock market-listed company’s total revenue during the period. The results follow the unification of SysGroup’s operations and service offerings, which were launched under a single brand earlier this year.

SysGroup added its second hyper-scale cloud platform into active service during the period to continue to meet the demands of its existing customers and support future growth. 

The business delivers a wide range of managed IT services, cloud hosting, managed IT Security and consultancy services to its customers across a range of sectors. It currently as a three-year, £1m deal with  Liverpool-based value retail chain Home Bargains (TJ Morris).

Chief executive Adam Binks said: “Since taking on the role of CEO at SysGroup, we’ve spent the first half of the year investing in our business, our people, our brand and in our systems.

“As a result, we have a more sales-focused workforce all working towards the same common goals. We are beginning to see the results of this investment through a strengthened pipeline and remain confident in delivering full year performance in line with current market expectations.

“Cyber security, governance and compliance are three key areas that businesses look for in managed IT services. They want to understand where liability lies in the case of a data breach and make their chosen solution as cost effective as possible – which is where SysGroup can really begin to add value.

“We’ve positioned ourselves as an extension to our customers’ existing IT departments and our consultative-led approach allows us to guide customers through the complexities and developments of the ever-changing technology landscape.”

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