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Share Price: 35.00

Bid: 34.00

Ask: 36.00

Change: 0.00 (0.00%)

Spread: 2.00 (5.882%)

Open: 35.00

High: 35.00

Low: 35.00

Prev. Close: 35.00

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IN BRIEF: SysGroup shares up as annual revenue set to increase

Mon, 17th Apr 2023 11:34

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 GBP21.6 million from GBP14.7 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 GBP3.3 million, up 18% from GBP2.8 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 GBP194,000 in the six months that ended September 30 from a profit of GBP250,000 a year before. Half-year revenue grew by 49% to GBP11.3 million from GBP7.6 million.

Current stock price: 29.00 pence each, up 14% on Monday in London

12-month change: down 1.7%

By Xindi Wei, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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