SysGroup reports 22% increase in revenue to £12.8m
Liverpool’s SysGroup PLC has reported record results for the year to 31 March 2019, with revenue up 22% to £12.8m (from £10.5m) and adjusted EBITDA increasing by 41% to £1.41m (from £1m).
It is the third year running that the managed IT services, security and cloud hosting provider has reported double digit growth in both revenue and EBITDA.
Managed IT services represented 74% of SysGroup’s total revenue for the period, with a number of new wins adding to the portfolio.
Growth was supported by the acquisition of Certus IT Limited in February 2019 for an initial consideration of £8m.
SysGroup CEO Adam Binks said: “I am delighted to announce another solid year for the Group, in which we delivered continued growth in revenue and profits as well as achieving a number of strategic milestones.
“Our scale, customer base and geographical coverage have grown considerably and, importantly, so too has the quality of our revenue streams.
“We are beginning to see the benefits of our investment in sales and marketing too, with a growing pipeline of opportunities and improved recognition of the SysGroup brand within the marketplace as a trusted provider.
“I remain optimistic for the future as we look to meet the complex IT requirements of our customers and prospects.”
Earlier in February, SysGroup raised £10m in an equity placing from both new and existing shareholders to support its acquisitive growth strategy and re-financed existing banking facilities.
Michael Edelson, Chairman of SysGroup, added: “The Group achieved a number of milestones during the year, progressing on its journey to becoming the leading provider of managed IT services to businesses in the UK.
“These results mark the first full year with Adam Binks as CEO and the contribution his leadership and vision has delivered to the Group is palpable. I believe we have the right team in place to see the company through to its next stages of growth.”