TIDMSYS
RNS Number : 4066I
SysGroup PLC
26 November 2018
26 November 2018
SysGroup plc
("SysGroup" or the "Company" or the "Group")
Half yearly results for the six months ended 30 September
2018
SysGroup PLC (AIM: SYS), the Managed IT Services and Cloud
Hosting provider, is pleased to announce its unaudited half year
results for the six months ended 30 September 2018 (H1 2019).
Financial highlights
-- Revenue increased 47.3% to GBP5.8m (H1 FY18: GBP3.9m)
-- Recurring Managed IT Services represented 77.8% of total revenue (H1 FY18: 72.8%)
-- Adjusted EBITDA(1) increased 300% to GBP0.56m (H1 FY18: GBP0.14m)
-- Adjusted profit(2) before tax of GBP0.25m (H1 FY18: loss of GBP0.008m)
-- Adjusted basic EPS(3) of 1.1p (H1 FY18 0.2p)
-- Loss before tax of GBP0.35m (H1 FY17: profit of GBP0.08m)
-- Basic loss per share of 1.4p (H1 FY18: EPS 0.8p)
-- Gross cash of GBP1.15m (H1 FY18: GBP2.69m; FY18: GBP1.32m)
-- Net debt of GBP0.84m (H1 FY18: Net cash GBP2.41m; FY18 Net debt GBP0.92m)
(1) Adjusted EBITDA is earnings before interest, taxation,
depreciation, amortisation of intangible assets, exceptional items,
share based payments and fair value adjustments
(2) Adjusted profit before tax is profit before tax after adding
back amortisation of intangible assets, exceptional items, fair
value adjustments, and share based payments.
(3) Adjusted basic EPS is profit after tax after adding back
amortisation of intangible assets, exceptional items, fair value
adjustments, share based payments and associated tax.
Operational highlights
-- Restructuring of Board complete with Martin Audcent appointed
as CFO and retirement of Robert Khalastchy as Non-Executive
Director
-- 2(nd) Hyper-Scale Cloud Platform in London datacentre now servicing customers
-- Implementation of Long Term Incentive Plan for executive
management to deliver long-term value creation for shareholders and
ensure alignment with shareholder interests
-- Enhanced staff benefits to attract and retain the best talent in the business
-- Refurbishment of Liverpool office complete and London office commenced
Post Period-end
-- Won Security Vendor of the Year at Computing Security Excellence Awards
Adam Binks, Chief Executive Officer, commented:
"During the period we have focussed on execution and I am
pleased to report that the Group has made steady progress in the
first half of the year during my first period as CEO. The
increasing proportion of recurring revenue demonstrates the ongoing
success of our strategy and position as a consultative led provider
of Managed IT Services and Cloud Hosting.
We have continued to invest in our business, our people, our
brand and in systems and as a result have a more sales focused
workforce all working towards the same common goals. We are
beginning to see the results of this investment through a
strengthened pipeline and remain confident in delivering full year
performance in line with current market expectations."
For further information please
contact:
Tel: 0151 559
SysGroup Plc 1777
Adam Binks, Chief Executive
Officer
Martin Audcent, Chief Financial
Officer
Shore Capital (Nomad and Broker) Tel: 020 7408
Edward Mansfield/Anita Ghanekar/Daniel 4090
Bush
Alma PR (Financial PR) Tel: 0203 405
Josh Royston / Helena Bogle 0208
About SysGroup
SysGroup is a leading provider of Managed IT Services, Cloud
Hosting, and expert IT Consultancy. The Group delivers solutions
that enable clients to understand and benefit from industry leading
technologies and advanced hosting capabilities. SysGroup focuses on
a customer's strategic and operational requirements - enabling
clients to free up resources, grow their core business and avoid
the distractions and complexity of delivering IT services.
The Group has offices in Liverpool, Coventry, London and
Telford.
For more information, visit http://www.sysgroupplc.com
Introduction
The first half of the financial year has been one of steady
progress with a focus on execution and continued delivery against
our stated strategy. Revenue grew by 47.3% over the first half of
last year to GBP5.8m, with recurring revenue of 77.8% compared to
the first half of 2018. As stated at the full year, the business is
continuing to invest in its sales and marketing functions to
accelerate growth and expects to see the benefits begin to flow
through into the second half and beyond.
This is the first six month period under my stewardship, having
been appointed Chief Executive on 3 April 2018. I was delighted to
welcome Martin Audcent to the Board, taking up the role of Chief
Financial Officer in July and have been impressed by the
contribution he has already made. Further, with the recent
additions of Mark Quartermaine (November 2017) and Mike Fletcher
(January 2018) as Non-Executive Directors, along with the
long-standing support from our Chairman Michael Edelson, I believe
that we have successfully composed a Board with the right blend of
experience and skills to be able to execute the strategic vision
for the Company and ultimately deliver shareholder value into the
future.
At the beginning of the year we unified all Group operations and
launched our services under a single brand, SysGroup, which was
completed in April 2018. This has been an important step for the
business following the acquisition and integration of Rockford IT
(2017) and Sys-Pro (2016) and has helped to enhance our visibility
and reputation in the market place. The rebranding has helped
SysGroup transition towards being a more sales focused business,
driven by the investments we have made to retain and recruit
experienced and skilled staff in the sales and marketing functions,
whilst maintaining the excellent service levels which is the
bedrock of our business. Furthermore, the back-office investments
made, such as a new CRM, integrated service desk platform and
unified communications platforms are providing a more cohesive
environment for our team. These developments will also allow us to
scale the business and ensure that we can add both organic growth
and integrate future acquisitions seamlessly.
At the beginning of the period, we committed to provide an
enhanced working environment for all of our team in line with that
of a growing technology company. We set out to refurbish our office
locations throughout the course of the year with Liverpool being
the first to be completed and London is expected to be completed by
the end of the calendar year.
These changes typically take time to bed in, but we are already
starting to see the benefits. We have added more clients and have a
strong pipeline of opportunities upon which we hope to
capitalise.
Strategy
SysGroup's clear focus is to expand its position as a trusted
provider of Managed IT Services to clients in the UK. The Board
believes that a business focused on the provision of Managed IT
Services offers the highest growth opportunity and the potential
for increased margins and longer-term contracts, thereby providing
greater revenue visibility. In pursuit of this strategy, the Group
has positioned itself as an extension of a customer's existing IT
department, with an emphasis on consultative-led sales to guide
customers through the complexities and developments in the
market.
The Group intends to continue to supplement organic growth with
carefully considered acquisitions that can add both value, through
breadth of service offering and additional sector specialisms, and
scale to the existing operations of the Group. We continue to
actively explore strategic acquisition opportunities, being a key
tenet of our growth strategy. The Company entered into advanced
negotiations with regards to one sizable opportunity, however the
Board was not able to get comfortable with a number of factors and
the discussions were subsequently terminated by mutual
agreement.
Results and trading
During the period the Group has delivered revenues of GBP5.8m
(H1 2018: GBP3.93m) and Adjusted EBITDA of GBP0.56m (H1 2018:
GBP0.14m). Of this revenue, 77.8% was generated from recurring
Managed IT Services business, up from 72.8% at the same time last
year, demonstrating the continued success of the Company's
strategy.
Gross profit for the period increased to GBP3.57m (H1 2018:
GBP2.38m), corresponding to a gross profit margin of 61.7% (H1
2018: 60.6%).
The expected increase in operating expenses comes from the
addition of the Rockford IT business to the Group and the increased
investment in Sales and Marketing and Group support functions.
Exceptional items of GBP0.2m (H1 2018: GBP0.3m) relate to the
integration and restructuring of acquired businesses and also
includes GBP0.066m for professional fees incurred relating to the
terminated acquisition process.
Adjusted basic earnings per share for the Half Year ended 30
September 2018 was a profit per share of 1.1 pence (H1 FY18: 0.2
pence). Basic earnings per share (EPS) for the Half Year was a loss
per share of 1.4 pence (H1 2018: 0.8 pence).
Gross cash at 30 September 2018 was GBP1.15m (30 September 2017:
GBP2.69m) with net debt of GBP0.84m (30 September 2017: net cash
GBP2.41m). Improvements in working capital management have led to
good operating cash generation in H1 FY19 which has been invested
in capex, acquisition and integration activities and has reduced
the net debt from GBP0.92m at 31 March 2018 to GBP0.84m at 30
September 2018.
Market Opportunity
The opportunity for SysGroup is, we believe, both significant
and growing driven by both commercial and regulatory forces, most
notably in the period the implementation of GDPR in May 2018.
Security, Governance and Compliance remain three of the key areas
of focus for organisations looking to consume managed IT services.
With increasing regulation and external threats, businesses want to
minimise risk as they rely more and more on IT to deliver their own
products and services. Further, they want to understand where
liability and risk share lies in the case of breaches and at the
same time, make their chosen solution as cost effective as
possible. The volume and breadth of solutions, particularly with
migration to the cloud, means that IT departments are struggling to
understand what best suits their needs, exacerbated by the fact
that the pace of technological change continues to be so swift.
SysGroup is ideally placed to benefit from these dynamics
through its consultative approach to fulfilling clients' needs. Our
staff are continually focused on the latest product developments
and are able to design and present technology agnostic solutions.
IT is no longer viewed merely as a burden cost centre but as a
business critical enabler and with the shortage of non-industry
skilled, relevant staff, an outsourced, consultative approach such
as ours is proving an increasingly attractive proposition.
Sales and Marketing
The benefits are starting to be seen from the investments made
in the prior year and in the first half of the current year. We now
have a strong and skilled sales function with a clear go-to-market
strategy under the leadership of an industry seasoned Sales
Director and the resultant cultural shift within SysGroup has been
noticeable.
Our continued efforts in marketing are also beginning to bear
fruit. We have launched a number of external campaigns as part of
our newly defined marketing strategy with the introduction of
digital marketing channels, including social media and targeted
email campaigns, increased our efforts on search engine
optimisation and have ramped up our internal lead generation
function, all of which coupled together are creating an enhanced
pipeline of opportunity.
Outlook
With the support of a team of almost 100 committed colleagues,
each playing to their individual strengths, the growth opportunity
for SysGroup is significant and continues to accelerate.
We have a clearly defined strategic focus within Managed IT
Services and Cloud Hosting, delivered through a highly consultative
approach to businesses who are increasingly in need of guidance due
to a continually changing landscape of risk and compliance issues
coupled with a wide-ranging portfolio of solutions.
Our operations have been unified under a single brand which is
gaining recognition in the market, establishing us firmly as a
trusted provider and supporting our strengthened sales and
marketing teams. We are seeing a strong pipeline of opportunities
and our focus on the UK market should provide a level of resilience
to the possible impacts on the wider market from the currently
uncertain political landscape.
The continued investments we are making in the Group mean that
we can effectively scale the business, both organically and through
acquisition as we continue to monitor and assess opportunities.
Trading in the second half of the year has begun well and as a
result, the Board remains confident in delivering full year
performance in line with current market expectations.
Adam Binks
Chief Executive Officer
26 November 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHSED 30 SEPTEMBER 2018
Unaudited Unaudited Audited
six months six months Year to
to to
30-Sep-18 30-Sep-17 31-Mar-18
Notes GBP'000 GBP'000 GBP'000
======================================== ========= ============ ==========
Revenue 2 5,786 3,928 10,451
Cost of sales (2,214) (1,549) (4,456)
==================================== === ========= ============ ==========
Gross profit 2 3,572 2,379 5,995
Operating expenses before
depreciation, amortisation,
exceptional items, fair value
adjustment and share based
payments (3,013) (2,236) (4,995)
=== ========= ============
Adjusted EBITDA 559 143 1,000
==================================== === ========= ============ ==========
Depreciation (243) (144) (372)
Amortisation of intangibles (336) (201) (500)
Exceptional items 4 (236) (268) (581)
Fair value adjustment - 555 540
Share based payments (32) - (10)
==================================== === ========= ============ ==========
Administrative expenses (3,860) (2,294) (5,918)
(Loss)/profit from operations (288) 85 77
==================================== === ========= ============ ==========
Finance costs (60) (7) (84)
(Loss)/profit before taxation (348) 78 (7)
Taxation 34 113 245
==================================== === ========= ============ ==========
Total comprehensive (loss)/profit
attributable to the equity
holders of the company (314) 191 238
==================================== === ========= ============ ==========
Basic earnings per share
(pence) 3 (1.4p) 0.8p 1.0p
Fully diluted earnings per
share (pence) 3 (1.4p) 0.7p 1.0p
==================================== === ========= ============ ==========
The accompanying notes form an integral part of this
consolidated statement of comprehensive income.
All the results arise from continuing operations.
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
Unaudited Unaudited Audited
30-Sep-18 30-Sep-17 31-Mar-18
Notes GBP'000 GBP'000 GBP'000
===================================================== ========= ========== ========== ==========
Assets
Non-current assets
Goodwill 9,727 7,563 9,727
Intangible assets 2,709 1,454 3,094
Plant, property and equipment 804 602 809
===================================================== ========= ========== ========== ==========
13,240 9,619 13,630
===================================================== ========= ========== ========== ==========
Current assets
Trade and other receivables 5 1,313 1,056 1,624
Cash and cash equivalents 1,154 2,691 1,315
===================================================== ========= ========== ========== ==========
2,467 3,747 2,939
===================================================== ========= ========== ========== ==========
Total Assets 15,707 13,366 16,569
===================================================== ========= ========== ========== ==========
Equity attributable to the equity shareholders of the parent
======================================================================================== ==========
Called up share capital 231 231 231
Other reserve 2,042 2,000 2,010
Translation reserve 4 4 4
Retained earnings 8,778 9,045 9,092
===================================================== ========= ========== ========== ==========
11,055 11,280 11,337
===================================================== ========= ========== ========== ==========
Non-current liabilities
Obligations under finance leases 28 149 128
Deferred taxation 594 295 674
Bank loan 1,607 - 1,742
===================================================== ========= ========== ========== ==========
2,229 444 2,544
===================================================== ========= ========== ========== ==========
Current liabilities
Trade and other payables 6 1,796 1,133 1,900
Deferred income 268 378 425
Bank loan 226 - 216
Obligations under finance leases 133 131 147
===================================================== ========= ========== ========== ==========
2,423 1,642 2,688
===================================================== ========= ========== ========== ==========
Total Equity and liabilities 15,707 13,366 16,569
===================================================== ========= ========== ========== ==========
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
SIX MONTHSED 30 SEPTEMBER 2018
Attributable to equity holders of
the parent
Share Other Translation Retained Total
capital reserve reserve earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================= ========= ========= ============ ========== ========
At 1 April 2017 231 2,000 4 8,854 11,089
Profit for the period - - - 191 191
======================= ========= ========= ============ ========== ========
At 30 September 2017 231 2,000 4 9,045 11,280
Profit for the period - - - 47 47
Share based payments - 10 - - 10
======================= ========= ========= ============ ========== ========
At 31 March 2018 231 2,010 4 9,092 11,337
Loss for the period - - - (314) (314)
Share based payments - 32 - - 32
======================= ========= ========= ============ ========== ========
At 30 September 2018 231 2,042 4 8,778 11,055
======================= ========= ========= ============ ========== ========
The following describes the nature and purpose of each reserve
within equity:
Reserve Description and purpose
Other Reserve Amount reserved for share based payments
to be released over the life of the instruments
and the equity element of convertible loans
and the amount subscribed for share capital
in excess of nominal value of acquisition
of another company
Retained earnings All accumulated profits and losses arising
net of distributions to shareholders
================== =========================================================
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
SIX MONTHSED 30 SEPTEMBER 2018
Unaudited Unaudited Audited
six months six months year to
to to
30-Sep-18 30-Sep-17 31-Mar-18
GBP'000 GBP'000 GBP'000
============================================ ============ ============ ==========
Cash flows used in operating activities
Net (loss) / profit after tax (314) 191 238
Depreciation and amortisation 579 345 872
Fair value adjustment on contingent
consideration - (555) (540)
Finance costs 60 7 84
Exceptional costs 236 268 581
Share based payments 32 - 10
Taxation (34) (113) (245)
============================================= ============ ============ ==========
Operating cash flows before movement
in working capital 559 143 1,000
============================================= ============ ============ ==========
Decrease in trade and other receivables 299 292 190
Decrease in trade and other payables (257) (448) (405)
============================================= ============ ============ ==========
Operating cash flows before interest
and tax 601 (13) 785
============================================= ============ ============ ==========
Interest paid (60) (7) (66)
Taxation refunded 12 80 80
============================================= ============ ============ ==========
Cash generated from operations 553 60 799
============================================= ============ ============ ==========
Cash flows from investing activities
============================================ ============ ============ ==========
Payments to acquire property, plant
& equipment (193) (118) (212)
Payments to acquire intangible assets - - (3,523)
Deferred consideration - (150) (150)
Acquisition and integration costs (286) (254) (592)
============================================= ============ ============ ==========
Net cash used in investing activities (479) (522) (4,477)
============================================= ============ ============ ==========
Cash flows from financing activities
============================================ ============ ============ ==========
(Repayment)/drawdown of loan facility (125) - 1,940
Capital repayment of finance leases (111) (128) (228)
============================================= ============ ============ ==========
Net cash from financing activities (236) (128) 1,712
============================================= ============ ============ ==========
Net decrease in cash and cash equivalents
from continuing operations (162) (590) (1,966)
============================================= ============ ============ ==========
Cash flows from discontinued operations
============================================ ============ ============ ==========
Net cash used for operating activities - (192) (192)
============================================= ============ ============ ==========
Net decrease in cash and cash equivalents
from discontinued operations - (192) (192)
============================================= ============ ============ ==========
Cash and cash equivalents at the beginning
of the period/year 1,315 3,473 3,473
============ ============ ==========
Cash and cash equivalents at the end
of the period/year 1,153 2,691 1,315
============================================= ============ ============ ==========
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SIX MONTHSED 30 SEPTEMBER 2018
1. ACCOUNTING POLICIES
The financial information for the half year ended 30 September
2018 set out in this half yearly report does not constitute
statutory financial statements as defined in section 435 of the
Companies Act 2006.
The half yearly financial information has been prepared using
the same accounting policies and estimation techniques as will be
adopted in the Group financial statements for the year ending 31
March 2019. The Group financial statements for the year ended 31
March 2019 will be prepared under International Financial Reporting
Standards as adopted by the European Union. These half yearly
financial statements have been prepared on a consistent basis and
format with the Group financial statements for the year ended 31
March 2018. The provisions of IAS 34 'Interim Financial Reporting'
have not been applied in full.
In the current period the Group has adopted all of the new and
revised standards and interpretations issued by the IASB and the
International Financial Reporting Interpretations Committee (IFRIC)
of the IASB, as they have been adopted by the European Union, that
are relevant to its operations and effective for accounting years
beginning on 1 January 2018. The Group has adopted IFR15 - Revenue
from Contracts with Customers, and an assessment of the impact on
current revenue recognition policies has been completed, and IFRS9
- Financial Instruments. The adoption of both technical standards
has not resulted in a material change to the Group statement of
comprehensive income.
New standards, amendments to standards and interpretations have
been issued but are not effective (and in some cases had not yet
been adopted by the EU) for the financial year beginning 1 January
2018. These have not been early adopted and the Directors are
considering the potential impact of IFRS 16 'Leases'.
EXCEPTIONAL ITEMS
The Group presents as exceptional items on the face of the
Statement of Comprehensive Income those material items of income
and expense which the Directors consider, because of their size or
nature and expected non-recurrence, merit separate presentation to
facilitate financial comparison with prior periods and to assess
trends in financial performance.
Exceptional items are excluded from Adjusted EBITDA as
management believe they should be considered separately to gain an
understanding of the underlying profitability of the trading
businesses.
GOING CONCERN
The condensed consolidated interim financial information has
been prepared on a going concern basis.
The Directors have reviewed cash flow forecasts for the Group,
including sensitivity analysis on key assumptions and the forecasts
show that the Group expects to meet its liabilities taking into
account all risks and uncertainties. As a result, the Directors
formed a judgement that there is reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future. For this reason, the Directors consider
that the adoption of the going concern basis is appropriate.
2. SEGMENTAL REPORTING
The Group has two operating segments: Managed IT Services and
Value Added Resale (VAR). The Managed IT Services segment comprises
enterprise hosting, private and public cloud, IT support and
consultancy. Value Added Resale (VAR) is resale of hardware,
software licences and 3(rd) party support services.
Information regarding the operation of the reportable segments
is included below. The performance of each operating segment is
based on revenue and gross profit as the Board believe this is the
best measure for segmental performance.
Assets and liabilities are not reviewed on a segmental basis.
All non-current assets are within the UK. All segments are
continuing operations. The accounting policies of the operating
segments are the same as those described in the summary of
significant accounting policies. Transactions between segments are
accounted for using an arm's length commercial basis.
Unaudited Unaudited Audited
30-Sep-18 30-Sep-17 31-Mar-18
GBP'000 GBP'000 GBP'000
========================== ========== ========== ==========
Revenue
Managed IT Services 4,501 2,858 7,130
Value Added Resale (VAR) 1,285 1,070 3,321
========== ========== ==========
5,786 3,928 10,451
========== ========== ==========
Gross Profit
Managed IT Services 3,285 2,132 5,224
Value Added Resale (VAR) 287 247 771
========== ========== ==========
3,572 2,379 5,995
========== ========== ==========
There are no sales between the two business segments, and all
revenue is earned from external customers. The business segments'
gross profit reconciles to profit before taxation in the
consolidated income statement. The Group's overheads are managed
centrally by the Board and consequently there is no reconciliation
to profit before tax at segmental level. No customer in any period
represents more than ten per cent of the Group's revenue.
3. EARNINGS PER SHARE
Unaudited Unaudited Audited
six months six months year to
to to
30-Sep-18 30-Sep-17 31-Mar-18
=========================================== ============= ============ =================
(Loss)/profit for the financial (GBP314,475) GBP190,680 GBP237,923
period/year attributable to shareholders
Weighted number of equity shares
in issue 23,103,898 23,103,898 23,103,898
Adjusted basic earnings per share
(pence) 1.1p 0.2p 2.3p
Basic earnings per share (pence) (1.4p) 0.8p 1.0p
Diluted earnings per share (pence) (1.4p) 0.7p 1.0p
============================================ ============= ============ =================
Profit used in the EPS calculation Unaudited Unaudited Audited
six months six months year to
to to
30-Sep-18 30-Sep-17 31-Mar-18
==================================== ============ ============ ==========
GBP'000 GBP'000 GBP'000
==================================== ============ ============ ==========
Profit after tax used for basic
earnings per share (314) 191 238
Amortisation of intangible assets 336 201 500
Exceptional items 236 268 581
Fair value adjustment - (555) (540)
Share based payments 32 - 10
===================================== ============ ============ ==========
Tax adjustments (39) (53) (250)
===================================== ============ ============ ==========
Adjusted profit used for adjusted
earnings per share 251 52 539
===================================== ============ ============ ==========
4. EXCEPTIONAL ITEMS
In accordance with the Group's accounting policy on exceptional
items, the following charges were incurred:
Unaudited Unaudited Audited
30-Sep-18 30-Sep-17 31-Mar-18
GBP'000 GBP'000 GBP'000
================================================================= ========== ========== ==========
Acquisitions 66 - 186
Integration and restructuring 170 268 395
================================================================= ========== ========== ==========
236 268 581
================================================================= ========== ========== ==========
The acquisition costs of GBP66k in H1 FY19 relate to
professional fees incurred on a terminated acquisition process, the
costs of GBP186k in the prior financial year relate to the
acquisition of Rockford IT Limited. Integration and restructuring
costs represent the costs incurred for integrating newly acquired
companies and for restructuring the internal business to manage the
requirements of a larger group.
5. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
six months six months year to
to to
30-Sep-18 30-Sep-17 31-Mar-18
GBP'000 GBP'000 GBP'000
========================= ============ ============ =================
Trade debtors 906 682 1,101
Prepayments and accrued
income 407 374 523
========================== ============ ============ =================
1,313 1,056 1,624
========================= ============ ============ =================
6. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
six months six months year to
to to
30-Sep-18 30-Sep-17 31-Mar-18
GBP'000 GBP'000 GBP'000
================================= ============ ============ =================
Trade payables 783 484 893
Corporation tax 122 106 85
Other taxes and social security 444 290 439
Accruals 447 253 483
================================== ============ ============ =================
1,796 1,133 1,900
================================= ============ ============ =================
7. AVAILABILITY OF INTERIM REPORT
Copies of this report are available on the Company's website at
http://www.sysgroupplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR PGGUUGUPRURC
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