Managed IT and cloud hosting provider SysGroup has reported a 60% surge in revenue for the six months to September 30 2019, although pre-tax losses rose to £0.37m.
Revenue at the Liverpool-headquartered firm was up to £9.3m, with recurring managed IT services representing 79.7% of this total. However, the jump in revenue was more than offset by expenses, including acquisition, property exit and restructuring costs.
Pre-tax losses for the six months through September amounted to £0.37m, compared to losses of £0.35m on-year. Adjusted profit rose to £0.65m, up from £0.26m.
“I am pleased to report that SysGroup continues to deliver strongly against its stated strategy, with recurring revenues now representing almost 80% of our total income compared to 68% when I stepped into the chief executive role in April 2018,” said CEO Adam Binks.
“The acquisition of HNS has supplemented the acquisition of Certus which we completed in H2 2018 and was our largest acquisition to date. The successful execution of these transactions demonstrates our capability to identify and attract good businesses, together with the capability to successfully integrate them as we build out our operational infrastructure to scale up the business.”
The company was continuing to trade in line with management’s expectations, he added.
