SysGroup PLC Trading Update, Notice of Results, New Website (8029V)
19 Abril 2021 - 1:00AM
UK Regulatory
TIDMSYS
RNS Number : 8029V
SysGroup PLC
19 April 2021
19 April 2021
SysGroup plc
("SysGroup" or the "Group")
Trading Update, New Investor Website and Notice of Results
SysGroup PLC (AIM:SYS), the multi award-winning managed IT
services and cloud hosting provider, is pleased to provide a
trading update for the year ended 31 March 2021, together with an
update of its investor website and a notice of results.
Group trading performance
The Group has continued to experience solid trading throughout
the year despite the economic uncertainty. Revenue for the year is
expected to be approximately 7% lower than the comparative period
due to the impact of the pandemic as customers deferred decisions
on new expenditure, as noted in the Group's half year results to 30
September 2020. Conversely, adjusted EBITDA is expected to be c.3%
up on the prior year and slightly ahead of market expectations as
the Group has benefitted from acquisition synergies coupled with
tight management cost control.
The Group had a cash balance of GBP3.47m as at 31 March 2021
(GBP3.04m at 31 March 2020) with strong operating cash generation
in the year. The Group also paid GBP0.98m in respect of the
earn-out consideration to the vendors of Certus in April 2020. The
Group deferred payment of VAT in Q1 of FY21 but did not utilise any
other government support schemes and the deferred VAT of GBP0.28m
was subsequently repaid in full in December 2020.
The Group's remote working model has been successful, with all
team members able to continue supporting our customers throughout
this challenging period however we now have plans in place to
re-introduce office working, which subject to unchanged government
guidance, will commence on 24 May 2021. As we enter the new
financial year and as lockdown restrictions ease further, we are
confident of delivering further growth, underpinned by our solid
cash position and strong levels of recurring revenue.
New Investor Website
SysGroup is pleased to announce the launch of its new investor
website. The website can be found here:
https://www.sysgroup.com/about-us/investors
Notice of Results
The Group will announce its full year results for the period
ended 31 March 2021 on 21 June 2021.
Adam Binks, Chief Executive Officer, commented:
"I am pleased with the continued progress we have made
throughout FY21 and I would like to take the opportunity to thank
our team for their dedication and unequivocal efforts despite the
personal challenges that the pandemic has brought for us all.
Whilst it has been a challenging period, the pandemic has
highlighted the visible need for business leaders to accelerate
their own digital transformation journeys and the benefits of
outsourcing managed IT services.
Whilst we continue to assess the economic environment and impact
of COVID-19, the long-term market opportunity for the Group remains
buoyant, and I remain confident in the outlook for the business. I
look forward to providing a further update along with the Final
Results."
For further information please Tel: 0151 559
contact: 1777
SysGroup Plc
Adam Binks, Chief Executive
Officer
Martin Audcent, Chief Financial
Officer
Shore Capital (Nomad and Broker) Tel: 020 7408
Corporate Finance: 4090
Edward Mansfield / Daniel
Bush
Corporate Broking:
Fiona Conroy
Alma PR (Financial PR) Tel: 07780 901979
Josh Royston / Helena Bogle
About SysGroup
SysGroup is a leading provider of managed IT services, cloud
hosting and expert IT consultancy. The Group delivers solutions
that enable clients to understand and benefit from industry leading
technologies and advanced hosting capabilities. 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 delivering IT services.
The Group has offices in Liverpool, London, Manchester, Newport
and Telford.
For more information, visit http://www.sysgroup.com
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