SysGroup (SYS) was a successful HotStockRockets tip as a managed IT services, cloud hosting, cyber security and IT consultancy on which profits were banked at 36p in April last year. Subsequently CEO Adam Binks stepped down after nine years and the shares most recently closed at 28.5p before today half-year results.
We served up three tips of the year last week. Here is the first...
Managed IT services, cyber security and cloud hosting company SysGroup (SYS) has announced results for its half-year ended 30th September 2022 and that “trading for the second half has continued with positive momentum and the board is therefore confident in meeting its full year expectations”. So what’s the detail here?
SysGroup (SYS) recently issued a trading update stating that it “is pleased to report a strong trading performance, despite the challenging macro-economic environment”. With the shares having fallen from approaching 50p last year to a 24p offer price, such a trading performance suggests a lowly valuation and strong recovery potential.
Last week SysGroup (SYS) was “pleased to announce” an acquisition (of Rockford IT Ltd), with CEO Chris Evans emphasing it “supplementing our organic growth whilst enhancing our services portfolio and providing cross selling opportunities for products and services… We believe that this acquisition enhances our position to capitalise on the substantive market opportunity available”. Sounds promising – and today a “Trading Update” announcement for the six months ended 30th September…
