SysGroup plc increased revenues 47% in 2023 thanks to a combination of acquisitions and organic growth.
The Liverpool-headquartered company, a cloud hosting and managed IT services provider, reported 拢21.6 million turnover for the year ended 31st March 2023.
Adjusted EBITDA increased to 拢3.33m (FY22: 拢2.82m). It said the revenue growth was achieved through a combination of 6% organic growth supplemented by the acquisitions of Truststream and Orchard in April 2022.
SysGroup had gross cash of 拢4.18m at the year end (FY22: 拢4.13m), achieved after payment of 拢5.8m in initial consideration payable for the acquisitions.聽
The group has a net debt position of 拢1.32m (FY22: net cash 拢2.99m).聽
“I am pleased to deliver solid growth in a difficult economic environment,鈥� said CEO Adam Binks. 鈥淏oth acquisitions have performed well and we have a very clearly defined market strategy which is resonating within our target market.聽
鈥淕iven the investment we have made in the brand and the simplification of our messaging, I am confident that FY24 will deliver further progress and that we have the right offering to meet the complex needs of the market.”