Friday 22 November, 2019

tTech on ‘cloud nine’ after 62 per cent jump in Q2 profit

“This was our best second quarter ever — Cloud services continue to positively impact our financial results, as we assisted our clients in replacing old server equipment with cloud-based alternatives," said Christopher Reckord, tTech Limited’s CEO.

“This was our best second quarter ever — Cloud services continue to positively impact our financial results, as we assisted our clients in replacing old server equipment with cloud-based alternatives," said Christopher Reckord, tTech Limited’s CEO.

Managed IT services provider tTech Limited has reported strong earnings for the second quarter ended June 2019, with net profit of $15.7 million, up 62 per cent.

Revenues for the three months ended June 30, 2019, stood at $90.4 million, an increase of 19.9 per cent over its 2018 second quarter, and quarterly earnings per share of $0.15, up by 93.3 per cent from the quarter ended March 31, 2019.

The positive performance during the quarter was buoyed by several major projects.

“This was our best second quarter ever — Cloud services continue to positively impact our financial results, as we assisted our clients in replacing old server equipment with cloud-based alternatives. Infrastructure Monitoring and IT Security also increased over the period. Our consulting team in partnership with third-party solutions providers continue to support our client’s digitization efforts,” said Christopher Reckord, tTech Limited’s CEO.

“These results are promising as we continue to grow our customers’ interest in our services, while we remain focused on strengthening our Managed IT Services, and we’re confident about what’s ahead. The balance of calendar 2019 remains an exciting period, buoyed by several major projects which are poised to positively impact revenue and profit.”

tTech’s business performance improved compared to the March quarter and drove strong operating cash flow of $103.7 million,” said Hortense Gregory-Nelson, tTech Limited’s Finance & Administration Manager.

tTech said it plans to ensure its continued success, through focusing on areas for improvement that will not only enhance the services offered but also the overall customer experience, build on and improve traction gained so far with its Content Management solutions, and fine-tune Service Delivery Metrics to improve customer service experience. The company will also continue to demonstrate thought leadership in the areas of IT security and compliance.

Get the latest local and international news straight to your mobile phone for free:

  

Comments