FY Results - Corner Turned?30 Apr 2024 08:21
SYS FY results out today, finally giving a business update, but there is still an element of opacity I find frustrating.
On the surface (reduced cash, increased debt, FY EBITDA down 33% to £2m) it looks like there has been a much bigger organisational restructuring than previously stated. Without having access to the details of the restructuring and turnaround strategy, it grates a little that Heejae Chae refers to improving the company after years of stagnation because based purely on the FY numbers it looks like he has ousted the former CEO and turned a once-profitable company into a loss-making one.
However, there is a (fairly large) saving grace in the post-period highlights, announcing the signing of the second-largest order in Sys Group's history (£2.2m over 3 years). Does this suggest that Chae's opaque turnaround strategy is starting to bear fruit? He certainly has assembled an impressive set of advisors and industry contacts.
I have no idea how the market will interpret this.