June 20, 2019
tTech Limited (tTech) held its Annual General Meeting (AGM) 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. The proceedings was then handed over to Chief Executive Officer (CEO), Mr. Mr. Christopher Reckord, where he highlighted the Company’s product offerings which includes the following:
- Service desk
- Infrastructure management
- Unified communications
- Cloud migration services
- IT security
- Consulting services
Through supporting the day to day management of the IT needs of clients, TTECH’s produced an improved performance for 2018 which featured a jumped 31% jump in revenue year over year. According to Mr. Reckord, the company realized growth in both Managed Services and Consulting Services which led to revenue closing at $283.92 million, above the $217.25 million recorded in 2017. He also mentioned, “one of our key indicators that we look at is our monthly recurring revenue. For 2018 compared with 2017, our monthly recurring revenue is actually up 19.23% year over year, and that’s a very important number for us. Our aim is to have that number increasing.” Net profit for 2018 rose 48% to $27.54 million versus $18.65 million booked in 2017, while the earnings per share for 2018 amounted to $0.26 (2017: 0.18).
During 2018, the company undertook efforts to educate the market as well as prospective clients on the massive benefits associated with outsourcing the management og IT infrastructure. As such, TTECH did presentations and supported events to which presented the opportunity to interact with its target market. According to Mr. Reckord, “In April, tTech hosted its own technology conference dubbed ‘TechCon by tTech’ that was focused on Data Protection, Data Privacy and Data Security. We also launched our enterprise content management solution in association with Canadian firm Loris Technologies. tTech will continue to host these events with a view to inform and educate and providing an opportunity for us to listen to our customers and prospective customers.”
Going forward, Mr. Reckord however outlined that tTech will benefit from the investment in its people and the increased use of remote monitoring and management systems. He also stated, “we will continue to explore opportunities for new partnerships in 2019 while seeking revenues from markets outside Jamaica.