SysGroup reports strong half year growth in profits for FY23

November 21st, 2022 In Press Release by Ellice Eadie

SysGroup has announced a 15 per cent increase in profits in the latest set of results.

Multi award-winning tech consultancy, cloud hosting, cyber security and managed services provider SysGroup plc (SysGroup) has announced a 15 per cent increase in profits in the latest set of results.

The Liverpool-headquartered company saw profits (adjusted PBT) for the six months ending 30 September 2022 increase to £1.1m, up from £0.96m in H1 2022. Revenue also saw a significant jump on H1 2022, increasing by 49 per cent to £11.32m in H1 2023, up from £7.58m.

The news follows a spate of expansion for SysGroup in the first half of FY23 as it completed its first two acquisitions since the onset of the coronavirus pandemic. The £4.8m acquisition of Truststream Security Solutions Ltd helped to enhance its cyber security offering and bolster SysGroup’s presence in Scotland with the addition of its Edinburgh operations, whilst the £1m acquisition of Orchard Computers Ltd has strengthened its South West operations.

With these latest acquisitions, SysGroup now operates in 6 locations across the UK; Liverpool, Manchester, Newport, Bristol, Edinburgh, and London.

The successful launch of the multi-tenanted SysCloud 2.0 offering has also accelerated business growth during the last six months, offering mid-market customers a bespoke cloud solution with enhanced flexibility and security.

Looking ahead to 2023, despite an increasingly pessimistic economic outlook, growth projections remain robust for the business. The team will be continuing their work with key decision makers within their customer-base, working closely to add value through considered technology transformation.

SysGroup will also be looking to continue its recruitment drive to create additional jobs across the regions. With the recruitment market beginning to ease after a competitive year, its workforce has already returned to optimal levels, creating greater opportunities for growth of both the business and workforce over the coming year.

Adam Binks, CEO of SysGroup, said: “We’re pleased to have delivered yet another strong six months, with recent operational investments and improvements over the last period allowing us to meet the targets we set at the start of the year. Faced with the current negative economic backdrop, technology remains crucial in helping businesses to improve efficiency and protect margins.

“The two acquisitions we made in last six months have strengthened our offering even further and seen the addition of further talent to the Group. Additionally, this has brought us a new base of customers which we can service better from our enhanced footprint that now covers the whole of Great Britain.

“Strategic acquisitions and recruitment will continue to be a key focus for us moving forward, with impressive new talent and advanced expertise allowing us to cement our position in this highly fragmented market.”

About SysGroup

SysGroup is a leading provider of managed IT services, cloud hosting, cyber security and expert IT consultancy. The Group delivers solutions that enable clients to benefit from industry leading technologies and delivers managed solutions with security, compliance and governance from the core. 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 managing IT services.

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

Media contact:

Will Holroyd, MC2