tTech makes $8.6-million profit for Q2
Managed IT services and consulting company tTech Limited yesterday reported an unaudited after-tax profit of $8.6 million for its second quarter ended June 30, 2020, despite a 45.4 per cent decrease over the previous corresponding period.
According to CEO Christopher Reckord, this was mainly due to several projects put on hold and postponed for later in the year by customers.
For the three-month period the company recorded revenues of $82.7 million, down 8.5 per cent when compared with the corresponding period in 2019. Expenses for the period were $78.6 million, a decrease of 4.6 per cent over the previous corresponding quarter.
“tTech’s diversified portfolio of customers spared the company from the worst scenarios projected during the near-lockdown period between March and June. Some projects were put on hold by customers but new opportunities presented themselves as more organisations realised that they needed assistance to move their IT operations to the cloud or to enable their staff to work remotely from home,” he stated in the company’s report to shareholders.
The company’s major marketing event — TechCon by tTech — had to be delivered digitally via a series of webinars over a course of nine weeks. The topics delivered in association with its business partners featured the Data Protection Act, tTech’s role in IT compliance for privacy, cyber security risks, and IT industry 2020 trends.
Reckord, however, further indicated that this generated positive feedback and has increased the company’s pool of potential revenue opportunities.
Q3 OUTLOOK
For the company’s third quarter, Reckord indicated expectations of postponed projects restarting and seeing new opportunities from companies looking to enable a more flexible and safe work environment for their employees.
“During the first half of the year our revenues grew [at the same rate as they did] over the same period last year, and we expect this trend to get even better as we head into the second half of the year. Our online marketing activities have contributed to more prospective customers becoming interested in our services, which has resulted in a healthy pipeline of real opportunities. We are very excited with the signing of new customers, both locally and regionally, for our managed IT services and [we are] looking forward to on boarding them shortly,” the CEO stated.
