Managed IT services and cloud hosting provider SysGroup has posted record revenues of £19.5m and profits (adjusted EBITDA) of £2.8m in its annual results.
In the year to March 31st the Liverpool headquartered group increased its revenues by 53% and almost doubled its profits, which were up by 99% on the previous financial year. 77% of the company’s income came from recurring revenues from long term service agreements.
SysGroup CEO Adam Binks stated: “While there is still some uncertainty around the impact of Covid-19, we believe it has presented us with significant opportunities.
"We have seen an accelerated shift towards remote working solutions for our customers, alongside a decentralisation of their core IT infrastructure towards more flexible and more resilient configurations.
"Investment in the appropriate cloud technology is becoming ever more mission-critical for businesses to survive and thrive.”
SysGroup has also had growth through strategic acquisition, buying managed connectivity company Hub Network Services (HNS) in June 2019, following the previous year’s purchase of managed IT service provider Certus Technology Group.