SysGroup PLC – SYS – Half-year Report

SysGroup PLC – SYS – Half-year Report

SysGroup plc (AIM:SYS), the multi award-winning managed IT services and cloud hosting provider, is pleased to announce its unaudited half year results for the six months ended 30 September 2020 ("H1 2021").

 

Financial highlights

·      Revenue of £9.01m (H1 2020: £9.26m)

·      Recurring Managed IT Services revenue represented 83% of total revenue (H1 2020: 80%)

·      Adjusted EBITDA1 increased 19% to £1.41m (H1 2020: £1.18m)

·      Adjusted profit before tax2 increased by 52% to £0.99m (H1 2020: £0.65m)

·      Statutory profit before tax of £0.13m (H1 2020: loss of £0.37m)

·      Adjusted basic EPS3 of 1.7p (H1 2020: 1.1p)

·      Basic profit per share of 0.2p (H1 2020: loss per share 0.9p)

·      Operational cashflows  increased 83% to £1.56m (H1 2020: £0.85m)

·      Cash of £3.02m at 30 September 2020 (30 September 2019: £2.65m)

·      Net cash4 at 30 September 2020 of £1.17m (30 September 2019: net debt of £(0.72)m)

 

Operational highlights

·      Resilient COVID-19 response with all team members continuing to work remotely

·      Certus and HNS integration completed on time

·      Project Fusion progressing according to plan to deliver a unified platform of systems across the Group

·      Closure of Bristol satellite office to reflect new homeworking practices

 

Adam Binks, Chief Executive Officer, commented:

"I am pleased to be able to report on a period that has demonstrated the stability, agility and relevance of our business during a global crisis which has resulted in considerable uncertainty for many businesses. Our team has worked tirelessly to continue to provide a robust and uninterrupted service to our customers whilst adapting to new ways of working and, for that effort, I am extremely grateful.

 

Whilst COVID-19 has had a marked impact on many sectors, it has created a huge opportunity for the IT services sector. The value of robust, flexible and secure IT has never been so important to businesses; outsourced managed services has been recognised as a key component of many businesses' success, growth and continuity. We look forward to capitalising on that trend in the years to come."

Strongly positive results were also seen in the other key objectives of the study. GTN demonstrated a rapid rate of absorption and was first detected in blood plasma in 4-5 minutes, reaching peak levels in the bloodstream within 10-12 minutes for all doses. These findings are important firstly as they underline the effectiveness of the DermaSys® transdermal technology, and also as they are consistent with a product that has shown a rapid onset of action in the Phase IIa study. This is a key differentiator to other ED products on the market as, when compared with PDE5 inhibitors such as Viagra® and Cialis® which are taken orally and do not take effect for at least 30 minutes and typically one hour or more1, MED2002 would allow far greater spontaneity between application and sexual intercourse.

In addition the study also measured the amount of GTN remaining after 5 minutes of the highest dose being applied to the penis. The study saw a rapid rate of absorption through the penis leaving a low GTN residue on the penis at 5 minutes. By applying a 0.8% dose, the study provides reassurance that there is likely to be minimal risk in transference of GTN to the sexual partner during intercourse, even at the higher doses. This finding also supports the side effect profile seen in the Phase IIa study where only four, mild side effects were seen in sexual partners out of 1,003 sexual intercourse attempts.

The PK study also demonstrated that the doses of GTN were well tolerated by the subjects. Adverse events reported were generally mild and at an acceptable level, even at the highest dose. Importantly, the incidence of headache, a known adverse event of GTN, did not increase significantly at the higher doses. This data compares favourably with the 0.2% dose where mild headaches reported previously had shown to occur in patients in less than 2% of intercourse attempts in the Phase IIa study.

Futura is pleased to confirm that it has demonstrated that the blood plasma concentrations of GTN of 0.2%, 0.4% and 0.6% fall within the plasma concentrations of the chosen US reference product, Nitrostat®, which is used to treat angina. The total amount of GTN appearing in the bloodstream was lower than Nitrostat® for 0.2%, 0.4% and broadly equivalent at 0.6%.

The Board is reviewing the implications of the detailed study data with regard to the planning of the Phase III studies for MED2002.  Futura expects to make a further announcement on this shortly.

James Barder, Chief Executive of Futura Medical, said:  "We are delighted to report the excellent data from our latest PK study for MED2002. The results show the effectiveness of our DermaSys® transdermal technology and demonstrate the potential of MED2002 as a rapid and safe treatment option for erectile dysfunction. We look forward to taking these excellent, supportive results into our future clinical programme."

1. US patient information for Viagra® and Cialis®

 

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