SysGroup is reporting a dip in revenues for its full-year 2020/2021 results.
The company said its revenues are expected to fall by seven percent for the 12 months to 31 March 2021 as the pandemic caused customers to put off decisions on new IT spending.
Profits are meanwhile expected to come in slightly ahead of expectations for the year. Adjusted EBITDA is set to grow by three percent annually, with the MSP benefiting from acquisition synergies and imposing tight control over its costs.
The firm’s cash balance stood at £3.47 million as of 31 March compared to £3.04 million last year.
However, CEO Adam Binks was optimistic and said the market remains buoyant despite COVID.
“I am pleased with the continued progress we have made. While it has been a challenging period, the pandemic has highlighted the visible need for business leaders to accelerate their own digital transformation journeys and the benefits of outsourcing managed IT services”, he said.
“While we continue to assess the economic environment and impact of COVID-19, the long-term market opportunity for the Group remains buoyant, and I remain confident in the outlook for the business. I look forward to providing a further update along with the Final Results.”
