Tech consultancy, cloud hosting, cyber security and managed services provider SysGroup plc has announced a 15% increase in profits in its latest half-year results.
The Liverpool-headquartered company saw profit before tax for the six months ending 30th September 2022 (H1 2023) increase to £1.1 million, up from £960,000 in H1 2022 and higher than H1 2021 (£1m).
Revenue also saw a significant jump on H1 2022, increasing by 49% to £11.32m in H1 2023, up from £7.58m. It was also ahead of revenue in H1 2021 of £9m.
The news follows a spate of expansion for SysGroup in the first half of FY23 as it completed its first two acquisitions since the onset of the COVID pandemic. The £4.8m acquisition of Truststream Security Solutions Ltd helped to enhance its cyber security offering and bolster SysGroup’s presence in Scotland with the addition of its Edinburgh operations, whilst the £1m acquisition of Orchard Computers Ltd has strengthened its South West operations.
With these latest acquisitions, SysGroup now operates in six locations across the UK: Liverpool, Manchester, Newport, Bristol, Edinburgh and London.
Despite an increasingly pessimistic economic outlook, SysGroup is looking to continue its recruitment drive to create additional jobs across the regions. With the recruitment market beginning to ease after a competitive year, its workforce has already returned to optimal levels, creating greater opportunities for growth of both the business and workforce over the coming year.
“We’re pleased to have delivered yet another strong six months, with recent operational investments and improvements over the last period allowing us to meet the targets we set at the start of the year,” said Adam Binks, CEO.
“Faced with the current negative economic backdrop, technology remains crucial in helping businesses to improve efficiency and protect margins.
“The two acquisitions we made in the last six months have strengthened our offering even further and seen the addition of further talent to the group. Additionally, this has brought us a new base of customers which we can service better from our enhanced footprint that now covers the whole of Great Britain.
“Strategic acquisitions and recruitment will continue to be a key focus for us moving forward, with impressive new talent and advanced expertise allowing us to cement our position in this highly fragmented market.”