Cloud hosting specialist reports progress in line with expectations
Liverpool-based cloud hosting firm SysGroup said its annual results will match management expectations, in a trading update for the year to March 31, today.
It said that both revenue and adjusted EBITDA will be in line with management’s expectations having grown by approximately 22% and 40%, respectively.
The results will underpin the AIM-listed group’s stated strategy of focusing on the provision of end-to-end managed IT services with recurring revenue now representing approximately 74% of the group’s total revenue.
In February this year the group acquired Certus IT, based in South Wales, for £9m and said it is pleased to report that trading performance from Certus is in line with management’s expectations.
The process of integration is now under way, and SysGroup expects Certus to be trading under its brand later in the year.
SysGroup said it expects to publish its full year results for the year ended March 31, 2019 on June 26.
Adam Binks, SysGroup chief executive, said: “It has been an exciting first year at the helm of SysGroup, and I am pleased with the progress that we have made on our journey to become the leading provider of managed IT services and cloud hosting.
“We’ve spent a considerable amount of time getting to know our customers and understanding the challenges they face within their own businesses so that we can develop leading solutions that offer real value.
“I’m also delighted to have welcomed the Certus team on oard following the acquisition earlier this year.”
He added: “We will continue to invest in the group and in our people throughout the course of FY20 and I am confident that we will see shareholder returns as a result.”