SysGroup PLC Trading Update (0847E)
26 Octubre 2022 - 1:00AM
UK Regulatory
TIDMSYS
RNS Number : 0847E
SysGroup PLC
26 October 2022
26 October 2022
SysGroup plc
("SysGroup" or the "Group")
Trading Update
Notice of Results
SysGroup plc (AIM:SYS), the multi award-winning m anaged IT
services, cyber security and cloud hosting provider , is pleased to
provide a trading update for the six month period ended 30
September 2022 (H1 FY23), together with a notice of results.
Group trading performance
The Board is pleased to report a strong trading performance,
despite the challenging macro-economic environment. As previously
announced, the Group made the successful acquisitions of
Truststream and Orchard earlier this year and the integration of
both are progressing well. The Board is pleased with the
performance of both companies to date and is already seeing early
signs of the potential benefits of the cross-sell
opportunities.
As such, the Group expects to report revenue for H1 FY23 of
GBP11.32m (H1 FY22: GBP7.58m) and Adjusted EBITDA (1) of GBP1.67m
(H1 FY22: GBP1.34m), both of which are in line with current market
expectations. Further, the Group also finished the half year with a
healthy gross cash balance of GBP4.22m (H1 FY22: GBP3.47m) and a
net debt position of GBP1.92m (H1 FY22: net cash of GBP1.96m)
excluding contingent consideration of GBP3.08m relating to the
acquisition of Truststream.
Outlook
The Group has maintained its trading momentum with its sales
pipeline continuing to grow and the investment made in FY22 in to
our new Manchester sales and marketing hub is starting to
materialise. Whilst there is still progress to be made, the team is
now at full complement and is making good progress. Our customers
continue to rely on SysGroup as a critical supplier of managed IT
services and our teams are as committed as ever to deliver the
Group's services.
The need for managed IT services remains prevalent and as
businesses increasingly seek to invest in technology to increase
efficiencies and improve their margins, SysGroup is ideally placed
to capitalise on this growing market opportunity.
The Board is fully committed to SysGroup's business model and
remains confident that the Group will meet market expectations for
the full financial year.
Notice of results
SysGroup expects to publish its half year results for the six
month period ended 30 September 2022 on 21 November 2022.
Adam Binks, Chief Executive Officer, commented:
"I am pleased with the progress that we have made in H1 FY23. To
have delivered a revenue and Adjusted EBITDA (1) performance in
line with current market expectations, despite the numerous
macro-economic challenges, is testament to the resilience of our
strategy and hard work of our team.
The benefits of the recent Truststream and Orchard acquisitions
are already clear and the enlarged customer base is fully engaged
in understanding what additional support we can provide from our
enhanced service offering.
I remain grateful for the continued commitment of our teams, who
continue to drive the Group forward and support our customers at an
increasingly important time."
Notes
1. Adjusted EBITDA is earnings before interest, taxation,
depreciation, amortisation of intangible assets, exceptional items
and share based payments.
For further information please
contact:
Tel: 0151 559
SysGroup plc 1777
Adam Binks, Chief Executive
Officer
Martin Audcent, Chief Financial
Officer
Zeus (Nominated Adviser and Tel: 0161 831
Broker) 1512
Dan Bate
James Edis
Alma PR (Financial PR) Tel: 07780 901
Josh Royston 979
Matthew Young
About SysGroup
SysGroup is a leading provider of managed IT services, cloud
hosting, cyber security and expert IT consultancy. The Group
delivers solutions that enable clients to benefit from industry
leading technologies and delivers managed solutions with security,
compliance and governance from the core. SysGroup focuses on a
customer's strategic and operational requirements - enabling
clients to free up resources, grow their core business and avoid
the distractions and complexity of managing IT services.
The Group has offices in Bristol, Edinburgh, Liverpool, London,
Manchester and Newport.
For more information, visit http://www.sysgroup.com
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END
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