AIM-listed IT services and cloud hosting provider SysGroup has posted record revenue for the year ending March 2018. Combined with its £3.9m Rockford IT acquisition, there was a sales boost of 46%, taking sales to a total of £10.45m.
Without the Rockford contribution in the second half, Telford-headquartered SysGroup still organically increased its revenue by 21% year-on-year to £8.65m.
The firm's adjusted pre-tax profit doubled to £490,000. Recently appointed chief executive officer Adam Binks said it was a “transformational year” and said there was "early success" for a newly assembled sales and marketing team to provide a better platform for growth.
Full year turnover was driven largely by the hosting and managed services business, which accounts for 68% of SysGroup’s revenue. The remainder of it is generated by reselling activity, after the disposal of the company's SMS Mass Market business to a subsidiary of Host Europe Group in 2017.
The firm has slashed net debt to £920k from £3.1m in FY17, so it may be in a better position to complete more acquisitions in the future.
