SysGroup shares up 20% amid revenue growth

Shares of SysGroup plc, the IT services, cloud hosting and cyber security firm, rose more than 20% after it said it performed well during the third quarter with double digit revenue growth, appointed a new chief financial officer, and moved its registered office from Liverpool to Manchester.

The company’s Liverpool office will close at the end of February when its lease expires, and with effect from March 1, 2024, the company’s registered office will be 55 Spring Gardens, Manchester M2 2BY.

SysGroup announced the appointment of Owen Phillips, 43, as chief financial officer and director of the company.

“After five years’ service, Martin Audcent has decided to step down from his role as chief financial officer and member of the board to pursue other interests,” said the firm.

“These changes will take effect on 11 March 2024 and Martin will continue to support the business until 30 June 2024 to ensure a smooth transition.

Owen currently serves as a director in the finance function at Matillion Limited.

“Headquartered in Manchester, the company is a leading provider of cloud data integration tools and one of only a handful of Manchester tech unicorns, with a valuation of $1.5 billion at the last funding round.

“Previously, Owen held various financial management positions in the data/tech sector as well as working in professional practice at Grant Thornton UK LLP.”

On its trading progress, SysGroup said: “The company has performed well during the third quarter with double digit revenue growth versus comparable period last year.

“We continue to build strong revenue pipeline as the new sales organisation is embedded.

“The AI/ML offerings are gaining momentum with a pipeline of opportunities with both new and existing customers.

“We have already signed our inaugural AI/ML engagement to support a drug discovery company on their AI data journey.

“We have also recently concluded a three-year agreement valued at over £500,000 to deliver a market-leading security solution to a public sector organisation via G-Cloud Framework. The full value of the contract will be recognised in the fourth quarter.”

SysGroup executive chairman Heejae Chae said: “We continue to strengthen the senior management team with individuals with invaluable experience and expertise from industry leading companies.

“Owen joined Matillion in 2018 at its start-up phase with 60 employees. Matillion is a global tech unicorn with over 500 employees around the world.

“His wealth of experience in helping Matillion with its growth and maturity will be invaluable in our journey.

 “I would like to take this opportunity to express our appreciation to Martin for his valuable contribution since 2018 and extend our best wishes for his future endeavours.

Following the appointment of Phillips and the resignation of Audcent, the SysGroup board will comprise Heejae Chae (executive chairman); Owen Phillips (chief financial officer); and Mike Fletcher, Mark Reilly and Paul Edwards (non-executive directors).

SysGroup now has offices in Manchester, Bristol, Edinburgh, London and Newport.