Binks bows out with ‘positive’ set of SysGroup results
Adam Binks presented his final annual results as CEO at Liverpool-based cloud hosting business SysGroup today.
He announced his decision to step down last month after nine years with the group that saw the business treble in size under his leadership.
Announcing today’s figures for the year to March 31, 2023, this morning, he said they were “a positive set of results”.
Revenues soared by 47% to £21.65m and pre-tax losses narrowed from £600,000 to £100,000. The adjusted pre-tax profit, after adding back amortisation of intangible assets, exceptional items, and share based payments, was £2.22m, up from £2.04m the previous year.
The company had net debt of £1.32m at the end of the reporting period, compared with a surplus of £2.99m in the prior year.
Cashflow improved by 22% to £3.02m.
During the financial year SysGroup completed the acquisitions of Truststream Security Solutions and Orchard Computers for £7.9m, and £1m, respectively, providing coverage in Scotland and the South West. SysGroup now has offices in Bristol, Edinburgh, Liverpool, London, Manchester and Newport.
A new £8m revolving credit facility was also secured with Santander.
Following the close of the 2023 financial year, a new go-to-market strategy has been launched simplifying SysGroup’s messaging to prospects and customers, and, it was confirmed today, that Heejae Chae joined the company as executive chairman.
Chae was previously group chief executive of Ashton-under-Lyne-based Scapa Group and Basingstoke-based Volex Group.
Heejae Chae
Current chair, Michael Edelson, will step down to become a non-executive director but will retire following the AGM in September 2023.
Adam Binks said: “For the final time, I am delighted to report a positive set of results to the market.
“I am grateful to the entire team for their drive and commitment to helping SysGroup continue on its growth journey. It’s been yet another challenging period with many external headwinds, however, we have pushed hard and continued to flourish, demonstrated by the positive organic growth that has been achieved.
“Whilst I am sad to be leaving the group, I am confident that now is the right time for me to step aside as I leave a solid legacy behind that allows the group to continue to grow.
“Finally, the group has made a good start to the new financial year with the first two months of the period both in line with the board’s expectations which is testament to the hard work of the brilliant team that we have built over the years. I wish the team well for the future and look forward to continuing to watch SysGroup go from strength to strength.”
Binks joined the business in 2014 as chief operating officer.
He led a £10m fundraise in 2019, ahead of closing multiple strategic acquisitions including Certus IT, Hub Network Services, Orchard Computers and Truststream – giving the business a presence in regions across the country.
