Profit up $15.7 million for tTech


Profit up $15.7 million for tTech

Business reporter

Sunday, August 11, 2019

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Information technology services provider tTech Limited on Thursday (August 8) reported unaudited after-tax profit of $15.7 million for the second quarter ended June 30, 2019, a 62 per cent increase compared with the corresponding period last year.

The company achieved revenues of $90.5 million, a 19.9 per cent increase when compared with 2018 which recorded $75.4 million.

Christopher Reckord, chief executive officer (CEO) of tTech, in reporting to shareholders, credited the positive financial performance to several major projects undertaken by the company.

“During this quarter, in addition to providing services for these new projects, tTech also procured and provided the equipment required to execute on the projects. Our important monthly recurring revenue from Managed IT Services continues to grow in Q2 with the addition of new customers using these services,” he stated.

He added that the company's consulting team in partnership with third party solution providers will continue to support customer's digitisation efforts to replace old server equipment with cloud-based alternatives.

Cloud computing refers to the storing and accessing of data and programs over the Internet instead of a computer's hard drive.

During the period under review, the company's expenses amounted to $82.5 million, a 14.4 per cent increase compared to the prior corresponding period.

“Our sales team is diligently working through the strong pipeline of opportunities and their efforts are expected to positively impact our growth and performance in 2019,” the CEO stated.

tTech aims to simplify the management of IT by taking an approach that maximises the value of technology in businesses while minimising their costs.

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