SysGroup plc increased revenues 47% in 2023 thanks to a combination of acquisitions and organic growth.

The Liverpool-headquartered company, a cloud hosting and managed IT services provider, reported £21.6 million turnover for the year ended 31st March 2023.

Adjusted EBITDA increased to £3.33m (FY22: £2.82m). It said the revenue growth was achieved through a combination of 6% organic growth supplemented by the acquisitions of Truststream and Orchard in April 2022.

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SysGroup had gross cash of £4.18m at the year end (FY22: £4.13m), achieved after payment of £5.8m in initial consideration payable for the acquisitions. 

The group has a net debt position of £1.32m (FY22: net cash £2.99m). 

“I am pleased to deliver solid growth in a difficult economic environment,” said CEO Adam Binks. “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.”


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