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Tech

IT services provider SysGroup returns to the black despite Covid-hit year

The Liverpool group recently opened a new office in Manchester

SysGroup chief executive Adam Binks(Image: LIFE Photography)

Liverpool-headquartered IT managed services and cloud hosting provider SysGroup returned to making a pre-tax profit during its latest financial year, which was hit by the Covid-19 pandemic.

The listed group has reported a profit of £210,000 for the 12 months to March 31, 2021, up from a loss of £230,000 it posted in the prior year.

Its adjusted EBITDA also increased over the same period from £2.81m to £2.91m while its adjusted pre-tax profit went from £1.76m to £2.09m.

However, the group's revenue dipped from £19.49m to £18.13m.

The new figures come after SYSGroup warned in April that its revenue would be lower than in the previous year due to the impact of the pandemic.

The group recently opened a new office in Manchester and created 30 jobs.

Chief executive Adam Binks said: "I am pleased to report that the business has performed well over the last year given the significant challenges posed by a full 12-month period of lockdown restrictions.

"Improved Adjusted EBITDA and increased net cash, despite ongoing investment for the future, reflect our high levels of recurring revenues, strong operational controls and cash flow generative model.