SysGroup, Liverpool IT firm, grows revenue 47%

SysGroup plc, the Liverpool-based IT services, cloud hosting and cyber security firm, said its revenue soared 47% to £21.6 million and adjusted profit before tax rose 9% £2.22 million for the year to March 31, 2023.

The year included the acquisitions of Truststream Security Solutions Limited and Orchard Computers Limited.

SysGroup said Truststream was acquired for up to £7.9 million “enhancing cyber security offering and adding Edinburgh location.”

It said Orchard was acquired for £1 million “strengthening south west operations.”

Liverpool-based SysGroup also has offices in Manchester, Edinburgh, Bristol, Newport and London.

Sysgroup said on May 26 that CEO Adam Binks would step down on June 26 and non-executive chairman Michael Edelson would retire.

Heejae Chae is joining SysGroup as executive chairman “and will take day-to-day responsibility for the running of the company.”

Chae was previously CEO of Scapa Group plc and Volex Group plc.

Outgoing CEO Binks said: “For the final time, I am delighted to report a positive set of results to the market …

“It’s been yet another challenging period with many external headwinds, however, we have pushed hard and continued to flourish, demonstrated by the positive organic growth that has been achieved.

Whilst I am sad to be leaving the group, I am confident that now is the right time for me to step aside as I leave a solid legacy behind that allows the group to continue to grow.

Finally, the group has made a good start to the new financial year with the first two months of the period both in line with the board’s expectations which is testament to the hard work of the brilliant team that we have built over the years.”