Business
Half-year Report
Half-year Report.
About this update from Sysgroup Plc
[{"type":"text","content":"\n\n27 November 2023\nSysGroup plc\n(\"SysGroup\" or the \"Company\" or the \"Group\")\n\nHalf year results for the six months ended 30 September 2023\n \nSysGroup plc (AIM:SYS), the end-to-end data solution provider, is pleased to announce its unaudited half year results for the six months ended 30 September 2023 (\"H1 FY24\" or the \"Period\").\n \nFinancial highlights\n· Revenue decrease of 3% to £10.96m (H1 FY23: £11.32m)\n· Managed IT Services revenue growth of 8% representing 84% of total revenue (H1 FY23: 75%)\n· Adjusted EBITDA1 of £1.57m (H1 FY23: £1.68m)\n· Adjusted profit before tax2 of £0.99m (H1 FY23: £1.10m)\n· Statutory loss before tax of £1.09m (H1 FY23: loss before tax of £0.19m)\n· Adjusted basic EPS3 of 1.7p (H1 FY23: 2.0p)\n· Basic EPS of (1.5)p (H1 FY23: (0.2)p)\n· Adjusted cashflow from operations of £1.24m (H1 FY23: £2.01m)\n· Net debt4 of £3.43m at 30 September 2023 (30 September 2022: £1.92m)\n \nOperational highlights\n· A new strategy to provide end-to-end solutions focused on Artificial Intelligence (\"AI\") and Machine Learning (\"ML\") with an associated investment in a team of ML engineers from AWS, JP Morgan, Validus and McLaren\n· Refreshed the SysCloud infrastructure with the latest hardware and upgraded our internal security architecture with industry leading cloud-based security platform\n· Strengthened the senior management team with individuals with invaluable experience and expertise from industry leading companies\n· Heejae Chae appointed as Executive Chair and Paul Edwards as new Non-Executive Director\n \nHeejae Chae, Executive Chair, commented:\n\"Our strategy aims to position SysGroup as the go-to end-to-end data solution provider for small and medium sized businesses (\"SMB\") embarking on their AI/ML journey. AI's prominence is undeniable with daily media coverage and increasing demand for AI strategies at the board level of every company. We recognise a s...