SysGroup PLC Trading Update & Notice of Results (9461R)
01 Novembre 2023 - 8:00AM
UK Regulatory
TIDMSYS
RNS Number : 9461R
SysGroup PLC
01 November 2023
1 November 2023
SysGroup plc
("SysGroup" or the "Group")
AIM: SYS
Trading Update & Notice of Results
SysGroup plc (AIM:SYS), the m anaged IT services, cyber security
and cloud hosting provider , is today providing an update on the
Group's performance for the six months ended 30 September 2023 ("H1
FY24" or the "Period").
Group trading performance
The Group has delivered a steady trading performance for the
Period delivering growth in high value Managed IT services revenue,
which has been offset by lower Value-Added Resale ("VAR") sales.
Overall, this has resulted in slightly lower Group revenue when
compared to the same period in the prior year. The Group is
expecting to report revenue for H1 FY24 of GBP10.96m (H1 FY23:
GBP11.32m) and Adjusted EBITDA (1) of GBP1.56m (H1 FY23:
GBP1.68m).
At the end of the Period the Group's gross cash was GBP1.98m (H1
FY23: GBP4.22m) following payments to satisfy the Truststream year
one earn-out, acquisition of 2,076,394 ordinary SysGroup shares
(now held in Treasury) and the settlement of the former CEO's
contractual terms. Net debt (2) at the end of the Period was
GBP3.43m (H1 FY23: GBP1.92m) and excludes future contingent
consideration of GBP1.84m (H1 FY23: GBP2.93m).
Organisational Changes
SysGroup plc is pleased to announce the following appointments
to strengthen its senior management team as it focuses on
delivering an end-to-end data solution.
-- Heinrich Koorts - Chief Revenue Officer (formerly Softcat plc)
-- Ross Humphrey - Chief AI Officer (formerly JP Morgan/Rebura)
-- Paul Sullivan - Chief Technology Officer (SysGroup/Truststream)
-- Wendy Baker - General Counsel and Company Secretary (formerly Scapa Group plc)
Heejae Chae, Executive Chair, commented:
"During the past six months, we have assessed the market
opportunities and our competitive position. We recognise that most
companies today are grappling with how to leverage Artificial
Intelligence (AI). Whilst the potential benefits are compelling, it
is not clear to many as to what these benefits are and how they can
achieve them. Companies are looking for a partner who can help them
build a compelling business case for AI as well as help them
achieve data maturity in a cost-efficient way as they modernise
their existing platform. We believe the most effective way to
deliver such a result is to provide an end-to-end data solution
including data engineering, networking, storage, analytics and, of
course, security.
Leveraging our existing capabilities, we will invest in our
operational capability and put the building blocks in place to
become the partner of choice in the AI adoption journey. We look
forward to expanding further on our strategy when we publish our
half year results."
Notice of results
SysGroup expects to publish its half year results for the
six-month period ended 30 September 2023 on 27 November 2023.
Notes
1. Adjusted EBITDA is earnings before interest, taxation,
depreciation, amortisation of intangible assets, exceptional items
and share based payments.
2. Net debt represents cash balances less bank loans and lease liabilities.
For further information please contact:
SysGroup plc Tel: 0151 559 1777
Heejae Chae, Executive Chairman
Martin Audcent, Chief Financial Officer
Zeus (Nominated Adviser and Broker) Tel: 0161 831 1512
Jordan Warburton
Nick Cowles
Alex Fowler
Nick Searle
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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