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SysGroup PLC - Liverpool-based IT services and cloud-hosting provider - Expects trading for the financial year that ended on March 31 to be in line with expectations. Revenue is expected to grow 47% to £21.6 million from £14.7 million the year before. Says the growth in revenue was achieved through a combination of ‘6% organic growth supplemented by the successful acquisitions of Truststream and Orchard’. Adjusted earnings before interest, tax, depreciation and amortisation is expected to be £3.3 million, up 18% from £2.8 million.
Looking ahead, SysGroup says momentum form the year end has continued into financial 2024. Says will release its full-year results on June 26.
Chief Executive Officer Adam Binks says: ‘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.’
Back in November, SysGroup reported a pretax loss of £194,000 in the six months that ended September 30 from a profit of £250,000 a year before. Half-year revenue grew by 49% to £11.3 million from £7.6 million.
Current stock price: 29.00 pence each, up 14% on Monday in London
12-month change: down 1.7%
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