SysGroup, Liverpool IT firm, says H1 revenue slips 3%

SysGroup plc, the Liverpool-based IT services, cloud hosting and cyber security firm, said its revenue fell 3% to £10.96 million in the six months to September 30, 2023, with adjusted profit before tax slipping to £0.99 million from £1.1 million in the same period of the prior year.

Statutory loss before tax was £1.09 million.

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

SysGroup executive chair Heejae Chae said “Our strategy aims to position SysGroup as the go-to end-to-end data solution provider for small and medium sized businesses (SMB) embarking on their AI/ML journey.

“AI’s prominence is undeniable with daily media coverage and increasing demand for AI strategies at the board level of every company.  

“We recognise a significant market gap: while many SMBs are eager to adopt AI/ML, they often lack a clear strategy or implementation path. There is a great demand for a partner to support their development of an AI/ML strategy and transition from the current platform.

“We have made significant investments in both technology and people. We have recruited a team of ML engineers from industry leaders such as AWS, JP Morgan, Validus and McLaren. 

“We have significantly strengthened the senior management team to help take us on this journey, bringing together the right skillsets and mindsets.

“Throughout the organisation, we are reinforcing a culture of customer focus and outstanding service underpinned by innovation, entrepreneurialism and high performance.

“Whilst we are at the early stage of our journey, I am excited at the potential of what we are building at SysGroup combined with the considerable unexploited market opportunity that lays ahead of us.

“Finally, the core business, which has more than 80% recurring revenues provides a very solid base from which we can expand, giving us very good revenue certainty and visibility, albeit that in the short term we may see our overall bottom line performance impacted marginally, reflecting the investment we are making in the company to drive revenue growth in future financial years.”