SysGroup FY results seen in line with expectations

Technology solutions provider SysGroup said on Monday that a "strong performance" had left it with full-year results that were in line with expectations.

SysGroup stated that following "a strong close to the year", group revenues grew 47% to £21.6m and adjusted underlying earnings increased to £3.33m from £2.82m.

The AIM-listed group highlighted that this had happened despite the current "difficult economic backdrop", with the revenue growth achieved through a combination of 6% organic growth, supplemented by its acquisitions of Truststream and Orchard in April 2022.

SysGroup said momentum had continued into the new year, stating that although it was very early in the new financial year and the economic backdrop was still "challenging", it has now adapted accordingly and continues to build its pipeline.

Chief executive Adam Binks said: "I am pleased to deliver solid growth in a difficult economic environment. Both acquisitions have performed well and we have a very clearly defined market strategy which is resonating within our target market.

"Given 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."

As of 1140 BST, SysGroup shares had shot up 13.73% to 29.0p.

Reporting by Iain Gilbert at Sharecast.com