StockMarketWire.com - IT services and cloud hosing company SysGroup swung to a modest annual profit as cost control helped offset falling sales.

Pre-tax profit for the year through March amounted to £0.21 million, compared to a year-on-year loss of £0.23 million.

Revenue fell 7% to £18.1 million, but adjusted pre-tax profit rose 18% to £2.09 million.

Chief executive Adam Binks said the improved profit performance reflected synergies through the integration of prior-year acquisitions and 'an extremely well managed' overhead base.

'As lockdown restrictions ease and greater economic certainty returns, I have no doubt that investment into IT will be a major priority for many business leaders, as the pandemic has made our industry more relevant than ever,' Binks said.

'With a clear market focus and with the operational developments made over the past year, SysGroup is well placed to take advantage of this anticipated growth.'

'The strength of our balance sheet coupled with our supportive investor base will also enable us to continue to be a consolidator in a fragmented, growing market, and I look forward to the future with confidence.'


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