By Anthony O. Goriainoff
SysGroup PLC said Friday that it expects revenue and adjusted Ebitda to fall for the first half of fiscal 2022, and that the long-term outlook for the business and its market remains very positive.
The U.K. IT services and cloud-hosting provider said that for the six months ended Sept. 30, revenue is expected to be 7.6 million pounds ($10.5 million) compared with revenue of GBP9 million for the first half of fiscal 2021.
Adjusted earnings before interest, taxes, depreciation and amortization–a key metric that strips out exceptional and other one-off items–are expected to be GBP1.3 million, compared with GBP1.4 million in the year-prior period. The company said this was in line with management’s expectations.
The board said it was confident that adjusted Ebitda for the fiscal year will be in line with its expectations.
“We expect IT projects and investment decisions, as a business-critical agenda item, to recover strongly once there is more certainty around the economic environment and the on-going impact of Covid-19,” Chief Executive Adam Binks said.
Shares at 0702 GMT were up 1 pence, or 3%, at 34.50 pence.
Write to Anthony O. Goriainoff at email@example.com