22nd Nov 2021 18:20
SysGroup PLC - Liverpool-based IT services and cloud hosting - on Monday says pretax profit doubled in the six months to September 30, year-on-year. Attributes this to lower depreciation, amortisation and share-based payment charges. Revenue however falls 16% to GBP7.6 million from GBP9.0 million. States this is due to the ongoing effects of the pandemic. Mentions no interim dividend.
Remains confident in meeting full-year adjusted earnings before interest, taxes, depreciation, and amortisation expectations coupled with continued strong cash generation.
"I am pleased with the performance of the business in light of the ongoing economic uncertainty and the board is confident in meeting expectations for the full year. We have a strong customer base who rely heavily on the business-critical support that we provide and we benefit from very high levels of recurring revenue," Chief Executive Adam Binks commented.
Current stock price: 30.50 pence
Year-to-date change: down 21%
By Abby Amoakuh; [email protected]
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