Sysgroup Regulatory News (SYS)

6 February 2024

SysGroup plc

("SysGroup", the "Company", or the "Group")

 Board Changes, Progress Update and Change of Registered Office

SysGroup plc (AIM:SYS), the technology partner for delivery and management of cloud, data and security to power Artificial Intelligence ("AI") and Machine Learning ("ML") transformation, announces a change to its Board of Directors, provides a progress update and notification of change of Registered Office.

Board Change - Chief Financial Officer

The Board is delighted to announce the appointment of Owen Phillips as the Chief Financial Officer and as a director of the Company. After five years' service, Martin Audcent has decided to step down from his role as Chief Financial Officer and member of the Board to pursue other interests. These changes will take effect on 11 March 2024 and Martin will continue to support the business until 30 June 2024 to ensure a smooth transition.

Owen currently serves as a Director in the finance function at Matillion Limited. Headquartered in Manchester, the company is a leading provider of cloud data integration tools and one of only a handful of Manchester tech unicorns, with a valuation of $1.5 billion at the last funding round. Previously, Owen held various financial management positions in the data/tech sector as well as working in professional practice at Grant Thornton UK LLP.

Progress Update

The Company has performed well during the third quarter with double digit revenue growth versus comparable period last year. We continue to build strong revenue pipeline as the new sales organisation is embedded. The AI/ML offerings are gaining momentum with a pipeline of opportunities with both new and existing customers. 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 £500,000 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.

Closing of Liverpool Office and Change of Registered Office

The Company's Liverpool office will be closing at the end of February when its lease expires, and with effect from 1 March 2024 the Company's Registered Office will be 55 Spring Gardens, Manchester M2 2BY.

Heejae Chae, Executive Chairman of SysGroup, commented,

"We continue to strengthen the senior management team with individuals with invaluable experience and expertise from industry leading companies. Owen joined Matillion in 2018 at its start-up phase with 60 employees. Matillion is a global tech unicorn with over 500 employees around the world. His wealth of experience in helping Matillion with its growth and maturity will be invaluable in our journey.

I would like to take this opportunity to express our appreciation to Martin for his valuable contribution since 2018 and extend our best wishes for his future endeavours."

In accordance with Schedule 2(g) of the AIM rules, Owen Rhodri Phillips (aged 43) has not held any directorships in the last 5 years.

Owen holds no shares in the Company.

There is no further information on Owen required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

Following the appointment of Owen Phillips and the resignation of Martin Audcent, the Board will comprise Heejae Chae (Executive Chairman); Owen Phillips (Chief Financial Officer); and Mike Fletcher, Mark Reilly and Paul Edwards (Non-Executive Directors).

About SysGroup

SysGroup plc is a managed service provider of end-to-end data solutions enabling us to take our customers on their AI data journey. The Group offers an integrated set of modern technologies that collectively meets our customers end-to-end data needs including connectivity, cloud hosting, delivery, analytics and governance of customer data, as well as a security layer for users and applications.

The Group has offices in Bristol, Edinburgh, London, Manchester and Newport.

For more information, visit http://www.sysgroup.com