Last checked at 28 Oct 2020 07:00
28 October 2020
SysGroup plc
("SysGroup" or the "Group")
Trading Update and Notice of Results
SysGroup (AIM:SYS), the award-winning managed IT services and cloud hosting provider, is pleased to provide a trading update for the half year ended 30 September 2020, together with a notice of results.
Group trading performance
Revenue for the first half of the year is expected to be broadly in line with the comparative period last year. Adjusted EBITDA is expected to show an increase of at least 15%. Cash conversion continues to be strong and the Group ended the period with over £1.0m of net cash (H1 FY20: net debt of £(0.7)m), having made the final deferred consideration payment of £0.975m relating to the Certus IT acquisition during the period. The Company utilised the ability to defer a VAT payment, totalling £0.28m, which it intends to repay in full no later than 31 March 2021. No other government support schemes, such as the COVID Job Retention Scheme, have been used by the Group.
Notice of Results SysGroup expects to publish its half year results for the six months ended 30 September 2020 on 23 November 2020.
Adam Binks, Chief Executive of SysGroup commented:
"The first half of the year shows the resilience of our business model and the mission critical nature of our services within our customer base, some of whom have been impacted by the COVID-19 pandemic. It also highlights both the importance and success of our focus over recent years on recurring revenue streams. Our staff remain committed to helping our customers navigate this difficult environment and their dedication has been exemplary. This performance has continued into the start of the second half of the year and we can expect a good outcome for the full year, although we remain cautious given the volatility of the economic landscape. "
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About SysGroup
SysGroup is a leading provider of Managed IT Services, Cloud Hosting, and expert IT Consultancy. The Group delivers solutions that enable clients to understand and benefit from industry leading technologies and advanced hosting capabilities. SysGroup focuses on a customer's strategic and operational requirements - enabling clients to free up resources, grow their core business and avoid the distractions and complexity of delivering IT services.
The Group has offices in Liverpool, London, Telford and Newport.
For more information, visit http://www.sysgroupplc.com