SysGroup PLC Trading Update and Notice of Results (4005D)
28 October 2020 - 6:00PM
UK Regulatory
TIDMSYS
RNS Number : 4005D
SysGroup PLC
28 October 2020
28 October 2020
SysGroup plc
("SysGroup" or the "Group")
Trading Update and Notice of Results
SysGroup (AIM:SYS), the award-winning managed IT services and
cloud hosting provider, is pleased to provide a trading update for
the half year ended 30 September 2020, together with a notice of
results.
Group trading performance
Revenue for the first half of the year is expected to be broadly
in line with the comparative period last year. Adjusted EBITDA is
expected to show an increase of at least 15%. Cash conversion
continues to be strong and the Group ended the period with over
GBP1.0m of net cash (H1 FY20: net debt of GBP(0.7)m), having made
the final deferred consideration payment of GBP0.975m relating to
the Certus IT acquisition during the period. The Company utilised
the ability to defer a VAT payment, totalling GBP0.28m, which it
intends to repay in full no later than 31 March 2021. No other
government support schemes, such as the COVID Job Retention Scheme,
have been used by the Group.
Notice of Results
SysGroup expects to publish its half year results for the six
months ended 30 September 2020 on 23 November 2020.
Adam Binks, Chief Executive of SysGroup commented:
"The first half of the year shows the resilience of our business
model and the mission critical nature of our services within our
customer base, some of whom have been impacted by the COVID-19
pandemic. It also highlights both the importance and success of our
focus over recent years on recurring revenue streams. Our staff
remain committed to helping our customers navigate this difficult
environment and their dedication has been exemplary. This
performance has continued into the start of the second half of the
year and we can expect a good outcome for the full year, although
we remain cautious given the volatility of the economic landscape.
"
For further information please Tel: 0151 559
contact: 1777
SysGroup Plc
Adam Binks, Chief Executive
Officer
Martin Audcent, Chief Financial
Officer
Shore Capital (Nomad and Broker) Tel: 020 7408
Corporate Finance: 4090
Edward Mansfield / Daniel
Bush
Corporate Broking:
Fiona Conroy
Alma PR (Financial PR) Tel: 07780 901979
Josh Royston / Helena Bogle
About SysGroup
SysGroup is a leading provider of Managed IT Services, Cloud
Hosting, and expert IT Consultancy. The Group delivers solutions
that enable clients to understand and benefit from industry leading
technologies and advanced hosting capabilities. SysGroup focuses on
a customer's strategic and operational requirements - enabling
clients to free up resources, grow their core business and avoid
the distractions and complexity of delivering IT services.
The Group has offices in Liverpool, London, Telford and
Newport.
For more information, visit http://www.sysgroupplc.com
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END
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