Date: June 21, 2018
tTech Limited (ttech) held its annual general meeting today at the Knutsford Court Hotel.
Opening remarks were made by Mr. Edward Alexander, tTech’s Chairman, where he acknowledged the management team and their efforts for another successful year.
Attention was then given to Chief Financial Officer, Mr. Mr. Christopher Reckord, where he informed shareholders of their updates services which now includes:
- Service desk
- Infrastructure management
- Unified communications
- Cloud migration services
- IT security
- Consulting services
He then proceeded to provide highlights for the year ended 2017. For the financial highlights, he reiterated that revenues amounted to $217.2 million, a decrease relative to the $223 million recorded for 2016 while net profit totalled $18 million (2016: $39.3 million). Notably, he indicated the reduction in revenue and profit was largely due to expected customer voice (PBX) projects being deferred and/or cancelled during the year. However he expressed that monthly recurring revenue increased 9% and in addition, they secured a major 3-year contract for their managed services.
Within the 2017 financial year, Mr. Reckord highlighted that in an effort to strengthen existing client relationships and build new ones, they implemented the following process improvements:
- Remote Monitoring and Management (RMM) software
- Professional services automation application.
For their existing efforts thus far, he proudly acknowledged that tTech was recognized by the following organizations:
- CIO 20 Most Promising Enterprise Security
- 501MSPmentor 2017 Winner – ranked 256th in August 2017
Going forward, Mr. Reckord however outlined that tTech intends on growing their recently signed ‘FileNexus’ business (they currently have four proposals). He also indicated “tTech will continue to be on the lookout for mutually beneficial partnerships, including merger & acquisition opportunities, while continuing to execute their strategic plans including the exploration of growing revenues outside of Jamaica.”
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -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.