SysGroup PLC - Liverpool-based IT services, cyber security and cloud hosting provider - Wholly acquires Bristol-based IT service provider Independent Network Solutions Ltd for GBP1.0 million. The newly acquired company trades as Orchard Computers and generated revenue of GBP2.1 million in 2021 alongside pretax profit of GBP300,000. The acquisition is funded from the company's existing cash balance. SysGroup says Orchard will enhance its presence in the South West of England and complement its operations in South Wales. SysGroup expects it to be immediately earnings enhancing.
Current stock price: 28.50 pence
12-month change: down 42%
By Heather Rydings; heatherrydings@alliancenews.com
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Sysgroup (SYS)