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SysGroup’s first-half figures show resilience in the face of Covid-19
MSP SysGroup shares the progress it has made through the worst of the coronavirus lockdown
Managed service provider SysGroup has indicated that the months of the coronavirus outbreak have been a time for the business to add value for customers struggling to deal with changes brought about by the pandemic.
Its first-half results for the six months to 30 September show that the firm has come through the worst Covid-19 could throw at it relatively unscathed.
Revenues dropped slightly, from £9.26m in the same period last year to £9.01m, but pre-tax profits increased by 52% to £990,000 and recurring revenues climbed from 80% to 83% of total revenues.
The decision was also made in the first half to close its Bristol satellite office as a result of the move to home working.
The business also integrated its Certus andHub Network Services (HNS) acquisitions and is continuing with its Project Fusion to deliver a unified platform of systems across the entire group. HNS was picked up for £1.45m in June last year and the £8m deal for Certus was sealed in February 2019.
SysGroup, which has been pursuing a buy and build strategy for a number of years, prides itself on being able to quickly integrate businesses it adds to the group.
Adam Binks, CEO of SysGroup, said the months covered by its fiscal first half had been a challenging time for all businesses.
“I am pleased to be able to report on a period that has demonstrated the stability, agility and relevance of our business during a global crisis, which has resulted in considerable uncertainty for many businesses,” he said.
Binks echoed the views of many in the industry around the role that technology has played during the pandemic and its role in helping to drive the recovery and support the “new normal”.
“While Covid-19 has had a marked impact on many sectors, it has created a huge opportunity for the IT services sector. The value of robust, flexible and secure IT has never been so important to businesses; outsourced managed services has been recognised as a key component of many businesses’ success, growth and continuity. We look forward to capitalising on that trend in the years to come,” he said.
SysGroup numbers add to the picture of resiliency and optimism painted by the results of some other channel businesses, despite the ongoing battle against coronavirus.