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Monday 22 November 2021

SysGroup does double-digit dip

sysFirst half results from mid-market managed services provider and reseller, SysGroup, show a 15.8% reduction in turnover to £7.58m. That is deeper than the 7% it registered in its full financial year.

Its Managed Services business was down 12.9% to £6.50m while Value Added Resale declined 29.9% to £1.08m. However, Adjusted EBITDA was in line with management’s expectations, down 'just' 5.0% to £1.34m.

SysGroup continues to be hit by the fallout of the pandemic but says the longer-term outlook for the “Group and market remains positive”. 

There has been some progress to report for the period, including the opening of the firm’s office in Manchester to expand its northern sales and marketing presence, and investment to “significantly enhance” its multi-tenanted SysCloud 2.0 platform.

The firm remains confident that it will meet its Adjusted EBITDA expectations for the full year, and believes it is well placed to “deliver strong returns” for its shareholders. Other larger managed services providers, with a focus on the enterprise market, have bounced back quicker from the pandemic. The mid-market too is examining the pace of its shift to cloud, and we agree with SysGroup that there are good opportunities in the market.

Posted by: Kate Hanaghan at 09:30

Tags: results  

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