Managed IT services and consulting company tTech Limited has reported net profit growth of close to 50 per cent for its first quarter ended March 2018.

Net profit before taxation totalled $6.7 million — 49.2 per cent more than the $4.49 million in the corresponding quarter in 2017. Earning per share totalled $0.06 versus $0.04. tTech recorded revenues of $69.8 million, an increase of 23.3 per cent above the corresponding period in 2017.

Expenses for the period totalled $63.7 million, an increase of 19.7 per cent over the same period in 2017 — which tTech blamed on support and maintenance costs associated with its new Professional Services Automation (PSA) tools along with hiring of subcontractors to execute new consulting contracts.

Nonetheless, newly appointed Chief Executive Officer Christopher Reckord noted that the outlook for the company is strong due its enlarged sales team and new services including cloud computing. He was speaking at an Investor Briefing Webinar on Friday, May 18, 2018 at Ttech’s downtown Kingston offices.

“We have begun to reap the benefits of the marketing seeds that were sown in 2017. All our services and products saw improvements in this quarter,” he continued.

The improved performance reflected a portfolio project management services contract that the company closed on during the quarter. tTech is now looking to conclude a strategic IT planning services contract.

“The increase in activity required us to add additional consultants to support the new business,” Reckord said in a press release from the company. In addition to the new clients, tTech extended contracts with lon- standing customers, securing a contract with private telephone network company, PBX, for deployment in the Eastern Caribbean.

The company also saw revenue growth from cloud computing service, vulnerability testing service, IT systems penetration tests, and guidance on IT security.