SysGroup shares jump on new CFO appointment and revenue growth

(Alliance News) - SysGroup PLC on Tuesday appointed a new chief financial officer, alongside reporting double-digit revenue growth in its third quarter.

This prompted shares to rise 19% to 34.64 pence each in London on Tuesday afternoon.

The Liverpool, England-based IT services, cybersecurity, and cloud hosting provider said Owen Phillips, who is currently a director in the finance function of Matillion Ltd, will become CFO on March 11.

Phillips will replace Martin Audcent, who has decided to step down after five years of service to pursue other interests, SysGroup said. Audcent will continue to support the business until the end of June to ensure a smooth transition.

Meanwhile, SysGroup said it performed well during the third quarter with double digit revenue growth versus comparable period last year. SysGroup's financial year ends on March 31.

"We continue to build strong revenue pipeline as the new sales organisation is embedded. The [articifial intelligence and machine learning] offerings are gaining momentum with a pipeline of opportunities with both new and existing customers," the company said.

"We have already signed our inaugural AI/ML engagement to support a drug discovery company on their AI data journey. We have also recently concluded a three-year agreement valued at over GBP500,000 to deliver a market-leading security solution to a public sector organisation via G-Cloud framework. The full value of the contract will be recognised in the fourth quarter."

By Greg Rosenvinge, Alliance News senior reporter

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