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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

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SysGroup sees revenue rise on strong second half but earnings fall

Tue, 30th Apr 2024 14:26

(Alliance News) - SysGroup PLC on Tuesday said revenue increased in its financial year, driven by a strong second half, although it expects earnings to fall.

The Liverpool, England-based IT services, cybersecurity, and cloud hosting provider said revenue in the year ended March 31 rose 5.1% to GBP22.7 million from GBP21.6 million a year earlier, driven by a 14% increase in the second half of the year offsetting a first half 3% decline.

However, it expects adjusted earnings before interest, tax, depreciation and amortisation to fall 39% to around GBP2 million from GBP3.3 million.

SysGroup said it continues to maintain revenue momentum into the new financial year across all our technology offerings.

It said it closed the second largest contract in its history this month, totalling GBP2.2 million of revenue over three years and providing cyber security managed services to an unnamed "leading" challenger bank.

SysGrou said its artificial intelligence and machine learning proposition "continues to gain traction amongst both new and existing customers, with a growing pipeline of opportunities".

Gross cash at March 31 fell 55% to GBP1.9 million from GBP4.2 million, while net debt multiplied to GBP3.4 million from GBP1.3 million.

"In a short period of time, we have developed new capabilities in AI/ML, data management and cloud which are crucial in today's data driven world...Our customers, more importantly, are embracing our transformation and new capabilities as demonstrated by the double-digit organic growth following years of stagnation," said Executive Chair Heejae Chae.

"We believe that we are ideally positioned to participate in the most consequential development in technology. Evidence is becoming indisputable that adoption of AI is no longer an option for businesses. However, the challenge for SMBs to embark on the AI/data journey is significant. Our vision is to be the partner of choice for the UK business in their transformation."

Shares in SysGroup were up 18% to 36.00 pence each in London on Tuesday afternoon.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

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