SysGroup has seen its revenues swell 47% in the financial year ended 31st March, rising from £21.65m to £14.75m (2022).
Managed IT services revenues grew by £4.6m to £17.4m but reduced as a percentage of Group revenues to 80.6% (FY22: 87.1%). VAR sales more than doubled during the period to £4.2m (FY22: £1.9m).
Gross profit was £11.10m with a gross margin of 51.3% (FY22: £8.92m and 60.5% respectively). Adjusted EBITDA was £3.33m for the twelve months to 31 March 2023 (FY22: £2.82m) which is an Adjusted EBITDA margin of 15.4% (FY22: 19.1%).
Adam Binks (pictured), who is stepping down from the role of CEO after nine years, said: "The Group has made a good start to the new financial year with the first two months of the period both in line with the Board's expectations.”
During the period SysGroup acquired Truststream Security Solutions for up to £7.9m and Orchard Computers for £1m. Business operations and systems integration for both into SysGroup has been completed.
Chairman Michael Edelson, also leaving the company, added: “Both businesses have proven to be valuable additions to our existing operations, enhancing our service offering, expanding our geographical presence, fostering new client relationships and cross sell opportunities.”
The company has also secured a new £8.0m revolving credit facility with Santander.