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UKHotViews©

 

Wednesday 06 December 2017

SysGroup without CEO but remains “confident”

sysFollowing on from its November warning that FY18 profits would come in significantly below market expectations, SysGroup has issued its full half-year results. The company has been trying to engineer a shift into more profitable managed services, where contracts are also bigger. Revenue (from continuing operations) for the first six months to the end of September was up 47% to £3.9m (managed services is 73% of this). However, adjusted EBITDA was squeezed to £140k from £230k.

While the profit numbers are not likely to please management, there have been structural and operational improvements that are intended to get the company into better shape for growth – e.g. the integration of acquisitions and the creation of a new strategic marketing function.

Indeed, acquisitions are central to its evolution, as demonstrated by its recent purchase of Rockford – see SysGroup files Rockford under “Acquisition Strategy”. CEO, Chris Evans, outlined the company’s plans to us in June, but he has now left the company “due to long term health reasons”. As a small firm with fairly high ambitions to make a consolidation play, SysGroup really needs to get a leader back in place as soon as possible. And it perhaps needs to focus more intensely on getting its internal ‘ducks in a row’ before making any more significant acquisitions.

Posted by Kate Hanaghan at '09:36' - Tagged: results   managedservices  

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