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Half Yearly Results for the Six Months Ended 30 September 2020

SysGroup plc (AIM:SYS), the multi award-winning managed IT services and cloud hosting provider, is pleased to announce its unaudited half year results for the six months ended 30 September 2020 (“H1 2021”).

Financial highlights

  • Revenue of £9.01m (H1 2020: £9.26m)
  • Recurring Managed IT Services revenue represented 83% of total revenue (H1 2020: 80%)
  • Adjusted EBITDA1 increased 19% to £1.41m (H1 2020: £1.18m)
  • Adjusted profit before tax2 increased by 52% to £0.99m (H1 2020: £0.65m)
  • Statutory profit before tax of £0.13m (H1 2020: loss of £0.37m)
  • Adjusted basic EPS3 of 1.7p (H1 2020: 1.1p)
  • Basic profit per share of 0.2p (H1 2020: loss per share 0.9p)
  • Operational cash flows increased 83% to £1.56m (H1 2020: £0.85m)
  • Cash of £3.02m at 30 September 2020 (30 September 2019 £2.65m)
  • Net cash4 at 30 September 2020 of £1.17m (30 September 2019: net debt of £(0.72)m)

Operational highlights

  • Resilient COVID-19 response with all team members continuing to work remotely
  • Certus and HNS integration completed on time
  • Project Fusion progressing according to plan to deliver a unified platform of systems across the Group
  • Closure of Bristol satellite office to reflect new homeworking practices


Adam Binks, Chief Executive Officer, commented:

“I am pleased to be able to report on a period that has demonstrated the stability, agility and relevance of our business during a global crisis which has resulted in considerable uncertainty for many businesses.

Our team has worked tirelessly to continue to provide robust and uninterrupted service to our customers whilst adapting to new ways of working and, for that effort, I am extremely grateful.

Whilst COVID-19 has had a marked impact on many sectors, it has created a huge opportunity for the IT services sector. The value of robust flexible and secure IT has never been so important to businesses; outsourced managed services has been recognised as a key component of many businesses’ success, growth and continuity. We look forward to capitalising on that trend in the years to come.”

 

Notes

  1. Adjusted EBITDA is earnings before interest, taxation, depreciation, amortisation of intangible assets, exceptional items and share based payments.
  2. Adjusted profit before tax is profit before tax after adding back amortisation of intangible assets, exceptional items and share based payments.
  3. Adjusted basic EPS is profit after tax after adding back amortisation of intangible assets, exceptional items, share based payments and associated tax dividends by the number of shares in issue.
  4. Net cash represents cash balances less bank loans, lease liabilities and contingent consideration.

For more information, please contact:

SysGroup Plc

Adam Binks, Chief Executive Officer

Martin Audcent, Chief Financial Officer

 

Tel: 0151 559 1777

 

Shore Capital (Nomad and Broker)

Corporate Finance: Edward Mansfield / Daniel Bush

Corporate Broking: Fiona Conroy

Tel: 020 7408 4090

Alma PR (Financial PR)

Josh Royston / Helena Bogle


Tel: 07780 901 979

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, Newport and Telford.

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

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