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Final Results
Final Results.
About this update from Tialis Essential It Plc
[{"type":"text","content":"\n\nTialis Essential IT Plc\n \n(\"Tialis\" or the \"Company\")\n \n9 May 2023\n \nAudited Results for the Year Ended 31 December 2022\n \nTialis, the mid-market network, IT Managed Services provider, announces its audited results for the year ended 31 December 2022.\n \nThe Annual Report and Accounts for the year ended 31 December 2022 will shortly be available on the Company's website at www.idegroup.com.\n \nCopies of the Annual Report and Accounts will be posted to shareholders shortly along with the notice of annual general meeting which will be held at 10.00am on 28 June 2023 at the offices of finnCap, 1 Bartholomew Close, London EC1A 7BL\n \nFor more information, contact:\n \n\n\n\n\nTialis Essential IT Plc\nAndy Parker, Executive Chairman\n \n\n\nTel: +44 (0)344 874 1000\n\n\n\n\nfinnCap Limited\nNominated Adviser and Broker\nCorporate finance: Jonny Franklin-Adams/ Abby Kelly\nECM: Tim Redfern\n \n\n\nTel: +44 (0)20 7220 0500\n\n\n\n\n \n\n\n \nChairman's Statement\n \n2022 was an important year in the ongoing rationalisation of our trading business and at a group level, with the conversion of the MXC debt into equity.\n \nIn November 2022 the members at the General Meeting voted to reorganise the Company's share structure so as enable the Company to issue new ordinary shares. Immediately following the capital reorganisation, the loan notes (\"Loan Notes\") held by MXC were converted into equity, reducing the debt level of the group to a sensible level. Note 27 sets-out in detail the Company's capital reorganisation.\n \n \nManage\nDuring 2022, Tialis Essential IT Manage Limited's turnover remained consistent at £14.5 million (2021: £14.5 million).\n \nAdjusted EBITDA for Manage, before unallocated group overheads, decreased from £3.8 million to £2.6 million, this reflects the change in business mix and a decrease in one-off projects experienced in 2022.\n \nFor the 2023 financial year, we have a higher level of visibility over revenues. It is anticipated that the successful transition of some of our traditional service contracts into our lifecycle facility will see margins step back up year on year.\n \nEmployee numbers within the Manage business increased by 15% within the year due to the company taking on more onsite manage...