Source - SMW
IT services provider SysGroup booked a rise in underlying annual profit and said positive recurring sales momentum had continued into the new financial year.

At the bottom-line level, pre-tax losses for the year through March amounted to £0.23m, compared to losses of £0.83m on-year, owing to expenses associated with acquisitions and an office closure in Coventry.

Revenue rose 53% to £19.5m, while adjusted pre-tax profit more than doubled to £1.76m.

'While there is still uncertainty around the impact of COVID-19, we believe it has presented us with significant opportunities,' chief executive Adam Binks said.

'We have seen an accelerated shift towards flexible and remote working practices, with investment in the appropriate technology becoming ever more mission critical.'

'Businesses are now seeing, more than ever before, the value of outsourced managed IT services and are looking to trusted providers to help them navigate the complexities of the technological landscape.'

'I am confident we are well positioned to support our customers through this period of change which will be further underpinned by our buy-and-build strategy.'

'As we look ahead, I remain optimistic for continued growth, supported by a robust balance sheet, a diverse customer base and the growing relevance of our solutions.'

'I am pleased to be able to report that, underpinned by our strong levels of recurring revenue, momentum in the first months of 2021 financial year trading has continued.'

At 9:56am: (LON:SYS) Sysgroup Plc share price was +1p at 35p

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