Cloud specialist announces record results for last year
Liverpool based IT firm SysGroup has announced record breaking results for the last 12 months.
The firm, which specialises in online security and cloud services saw revenues increase by 22% and EBITDA by 41%.
SysGroup reported a revenue increase of 22% to £12.8m and adjusted EBITDA increased by 41% to £1.41m.
SysGroup’s aim is expand its position as a trusted provider of managed IT services to clients in the UK, with an emphasis on consultative-led sales to guide customers through the complexities and developments in the market.
Managed IT services now represent 74% of SysGroup’s total revenue during the period, with a number of new wins adding to the portfolio.
In addition to its increasing customer base, growth for the year was supported by the acquisition of Certus IT in February 2019 for an initial consideration of £8m.
The deal saw the group extend its reach into new vertical markets, as well as its geographical footprint across South Wales and the M4 corridor and the addition of a core presence within a 250,000 sq ft data centre in Newport, South Wales.
Chief executive 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.”
He added: “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.”
In February SysGroup raised £10m through an equity placing from both new and existing shareholders to continue to support its acquisitive growth strategy and at the same time re-financed its existing banking facilities including a £1.75m term loan over five years and arranged a new £3.25m acquisition revolving credit facility with Santander.
Chairman Michael Edelson said: “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.”
