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SysGroup returns to sales growth

SysGroup returns to sales growth

Last year saw SysGroup report a 19% sales slump, but it has now returned to growth for FY23, helped by acquisitions.

The MSP saw sales jump 47% to £21.6m, and adjusted EBITDA rose from £2.8m to £3.3m.

Increased revenue was driven by two MSP acquisitions made in the first half, including Truststream Security Solutions and Orchard Computer. Organic growth was still 6% though.

Managed services were around 80% of revenue, although this share was down as resale business more than doubled to £4.2m.

Last month, CEO Adam Binks announced he would step down following the release of these results. Heejae Chae joined the firm as executive chairman and now takes day-to-day responsibility for running the firm.