tTech Q3 revenue up 51 per cent
Christopher Reckord, tTech Limited’s CEO.
Revenue spiked for tTech Limited in the third quarter of 2019 in comparison to the same period in 2018.
The managed IT services provider released its financial results for the 2019 third quarter ended September 30, 2019. It recorded revenues of $105.2 million, an increase of 51 per cent over its 2018 third quarter.
An increase in expenses of 53.7 per cent, however, resulted in a 7.2 per cent decline in net profits compared to the previous quarter of 2018.
This decrease in profits is attributed to the increase in lower margin product sales in this period versus the high margin services sales-focused revenue in the comparative period last year.
tTech Limited’s balance sheet continues to be strong and it equips the company well in taking advantage of future opportunities, the company said in a release. It has recorded growth in assets of 10.6 per cent year to date while maintaining its ability to meet short-term debt obligations with a current ratio of 4.3:1.
“The revenue increase in this quarter was related to the continuation of major network upgrade projects, where tTech in addition to providing our traditional services, also procured and provided the equipment required to execute on these projects,” said Christopher Reckord, tTech Limited’s CEO.
Reckord also noted that “monthly recurring revenue from managed IT services continued to grow in Q3 with the addition of new customers using these services. Cost of sales increases was directly attributed to the sales of network equipment provided for the upgrade projects.”
Gillian Murray, Marketing and Human Resources Manager at tTech Limited stated, “The IT outsourcing industry must continue to innovate its human resources practices in order to attract, engage and keep great talent.
Consequently, tTech Limited added six new team members in the third quarter, bringing tTech’s current staff complement to 39 persons.
The implementation of the OfficeVibe platform as a team engagement tool, saw tTech Limited recently receiving a Silver Star Award for Leadership in HR Innovation 2019, at the Human Resource Management Association of Jamaica (HRMAJ) Conference.
tTech again received international recognition during the third quarter. After rigorous assessment, the company was awarded a place on the Channel Futures annual MSP 501 list that ranks the top 501 managed service providers in the world at the MSP 501 Awards and Gala held in Washington, USA last month.
As a resident of downtown Kingston, tTech Limited also supported the Kingston Creative initiative through the sponsorship of the creation of Jamaica’s first Augmented Reality Mural project, where digital meets art in a very engaging way.
By downloading a special app on their phones, visitors were able to see the mural literally come to life. The unveiling of the mural to hundreds in attendance is the first in a number of projects geared at regenerating the urban environment of downtown Kingston using art to improve the space where people work, live and play.
tTech said it was delighted to play a part in the initiative.