2019 Half Year Results

Written by Victoria Wilson

We are excited to announce our half year results for the period ending 30th September 2019. Our CEO and leadership team have charted an ambitious course to expand our position as a trusted provider of Managed IT Services in the UK and we’re pleased to share our success and growth, which directly benefits our customers.

Here are a few highlights from the financial results:

  • In the 6 months ending 30th September, our revenues increased by 60% to £9.3m (H1 2019: £5.8m).
  • Recurring Managed IT Services represented 80% of total revenue (H1 2019: 78%).
  • Adjusted EBITDA increased 111% to £1.18m (H1 2019: £0.56m).

Other highlights during the period include:

Despite ongoing macroeconomic and political uncertainty, there is still a substantial opportunity for a Managed IT Services provider to become an extension of a customer's existing IT department, with an emphasis on consultative-led sales to guide customers through the complexities and developments in the forever changing world of IT.

The entire process is supplemented by exceptional customer service and support. We invest in R&D to help our clients take advantage of the latest and best solutions available to them, with an agnostic vendor/cloud approach.

We’ve launched a new customer engagement strategy to better identify customer motivations and preferences. We want to ensure that we maintain excellent customer retention rates. We’re particularly excited that customer satisfaction in the six months under review was in excess of 97%!

Our CEO Adam Binks commented,

“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 CEO role in April 2018.

Supported by a team of more than 130 individuals, SysGroup is moving forward at pace and is taking its place in the market as a serious contender. I thank each and every one of the team that strive each day to help make SysGroup one of the leading MSPs in the UK and give me the confidence to report that the Company continues to trade in line with management’s expectations.”

Our geographical reach has expanded, along with our suite of products and services and we believe we are increasingly well placed to meet the complex needs of our customers. We are continuing to build a robust and capable business as a result of a growing, talented and dedicated team, all focused on delivering outstanding customer outcomes.

We are thrilled to be sharing this news with you and look forward to what 2020 will bring for SysGroup and our customers!

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