Liverpool-based SysGroup saw sales top £5 million, but its losses widened due to two recently acquired companies and the roll out of a new CRM system.
For the six months ending 30 September 2018, the managed services provider saw revenue rise 47.3 percent year on year to £5.8 million.
Adam Binks, who was appointed the group’s CEO earlier this year, said: “During the period we have focused on execution, and I am pleased to report that the group has made steady progress in the first half of the year during my first period as CEO. The increasing proportion of recurring revenue demonstrates the ongoing success of our strategy and position as a consultative-led provider of managed IT services and cloud hosting.
“We have continued to invest in our business, our people, our brand and in systems and as a result we have a more sales-focused workforce all working towards the same common goals. We are beginning to see the results of this investment through a strengthened pipeline and remain confident in delivering full-year performance in line with current market expectations.”
Earlier this year SysGroup wrote a cheque for Rockford IT and Sys-Pro and said more takeovers are likely.
The firm, which has almost 100 employees, added that it had increased the percentage of sales that recurring revenue operations contribute to the business, up five percentage points year on year to 77.8 percent.
During the reported period, the firm said it made some investments in its back-office systems – implementing a new CRM system and unified comms solution. It started refurbishing its Liverpool HQ and London office.
