Liverpool-headquartered IT managed services and cloud hosting provider SysGroup has revealed its revenue is set to take a hit due to the effects of the Covid-19 pandemic.
The listed group said that despite it continuing to experience "solid trading" throughout the year, revenue for the year to March 31, 2021, is expected to be approximately 7% lower than the comparative period due to the impact of the pandemic.
However, adjusted EBITDA is expected to be c.3% up on the prior year and slightly ahead of market expectations as the group benefitted from "acquisition synergies coupled with tight management cost control".
The trading update comes after the company announced plans to open a new office in Manchester city centre.
Chief executive Adam Binks said: "I am pleased with the continued progress we have made throughout FY21 and I would like to take the opportunity to thank our team for their dedication and unequivocal efforts despite the personal challenges that the pandemic has brought for us all.
"Whilst it has been a challenging period, the pandemic has highlighted the visible need for business leaders to accelerate their own digital transformation journeys and the benefits of outsourcing managed IT services.
"Whilst we continue to assess the economic environment and impact of Covid-19, the long-term market opportunity for the group remains buoyant, and I remain confident in the outlook for the business. I look forward to providing a further update along with the final results."
