Revenues soar by 60 per cent at cloud hosting firm

Adam Binks

Cloud hosting firm SysGroup saw revenues soar by 60 per cent over the last six months to just under £6m.

The Liverpool based IT services and cloud firm saw its adjusted profit before tax increase to £650,000.

Meanwhile, the statutory loss before tax was £370,000.

Over the last year the firm acquired Hub Network Services Limited for £1.45m.

The company also announced the planned closure of its Coventry office and datacentre.

Adam Binks, chief executive , said: “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.

“The acquisition of HNS has supplemented the acquisition of Certus which we completed in H2 2018 and was our largest acquisition to date.

“The successful execution of these transactions demonstrates our capability to identify and attract good businesses, together with the capability to successfully integrate them as we build out our operational infrastructure to scale up the business.

“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.”

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