Introduction:
tTech held its Annual General Meeting (AGM) on June 29, 2017. tTech Limited’s Chairman Phillip Alexander commenced the Annual General Meeting (AGM) by introducing the members of the board who were in attendance. The Chairman congratulated and thanked the employees on tTech’s performance in 2016 and also hailed the tremendous assistance received from Directos. He also gave a special acknowledgement to Mentor, Mr Richard Downer, who has used his expertise and experience to assist the company. Mr Alexander then introduced the Chief Executive Officer (CEO) Edward Alexander to give his take on the performance for the financial year. According to Mr. Edward Alexander, “2016 was a successful year for the company.” He advised us of the major highlights for the first year of listing for tTech:
- tTech became the first information technology company placed on the Jamaica Stock Exchange on January 7, 2016.
- Revenues increased 25.4% over 2015.
- Profit increased by 58.2% year over year.
- He stated also that “the company’s share price moved from $2.50 after listing to close the last day of December at $5.30 a 112% increase”.
- The company celebrated its 10th Anniversary representing a decade of innovation.
The CEO stated that the increase in revenues for the 2016 financial year was down to the acquisition of 13 new customers acquired in 2016, while the company has experienced an increase in recurring revenue. Mr. Alexander stated that tTech’s core business is management of its client’s IT infrastructure, Service or Help Desk support, IT security systems support, cloud migration, consulting services and voice solutions (PBX). tTech has partnered with Azure to deliver their Microsoft cloud based services as the CEO indicated that he expects the demand for tTech’s cloud based services to grow. Cyber security was also a major topic at the AGM with the recent attacks on banks in central Europe. Mr Alexander stated that they are increasing the awareness of cyber attacks in the country. He however stated that there is no legislation to ensure that companies ensure that their customer information is protected. The company reiterated that they will continue to ensure that both tTech and its clients are adequately supported and protected. Additionally, the company states it offers voice solutions and will continue to do so and have partnered with a company to deliver the hardware as they do the system support.
Mr. Alexander stated that one of the company’s best resources is its staff. The CEO stated, “we will continue to develop our staff and invest in youth and also continue our strong internship program.” The company stated its intention to acquire some of its shares on the market so as to offer employees a chance to be owners of the company through incentivised programs. The company also continues to give back to the country through support of communities involved with both tTech employees and clients.
Outlook 2017:
Mr Alexander shared a positive outlook for 2017 as the board and management of tTech targets an increase in clients, improved efficiencies and customer experiences. According to the CEO, “the team will continue to promote good customer service as demand increases. The increasing use of technology in majority of sectors reads well for tTech and with increased customer loyalty and retention the company should see increases in revenue for 2017.”
The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.