Strong first quarter finish for tTech
Managed IT Services Provider (MSP), tTech released its financial results for its first quarter ended March 31, 2020.
tTech is reporting unaudited revenue of $87.5 million in the first quarter of 2020, up to 31.7 per cent, compared to the corresponding period in 2019. Expenses for the period were $58.6 million, an increase of 13.1 per cent over the same period in 2019 ($51.8 million).
Net Profit (Total Comprehensive Income) for the period was $4.9 million. This represents a creditable increase over the same period in 2019 ($0.7 million).
“Despite the severe impact of the coronavirus on the economy, our first quarter income remained strong as a result of the strategic investments that we made to upgrade all of our customer support and operations software to cloud-based solutions. This gives us the ability to have our entire teamwork from home, as such, tTech was able to execute this operational pivot which enabled us to seamlessly be able to continue providing services to our clients,” said Christopher Reckord, Chief Executive Officer of tTech Limited.
Reckord added that “I am happy that we built on the momentum from 2019, which has resulted in a substantial increase in its first-quarter 2020 revenue. In a situation marked by the COVID-19 outbreak, the tTech team remains fully committed to providing guidance on IT security to new and existing customers by delivering vulnerability testing services, IT systems penetration tests, and most importantly delivering Cybersecurity Awareness Training to users at all levels and especially those working from home.”
Since Jamaica’s first reported case on COVID 19 on March 10, 2020, tTech Limited has been engaged by the media on several occasions as IT experts in recommending solutions for companies to adapt to IT-based remote work modifications for coping in the pandemic.
tTech Limited also led double-digit gains on the Jamaica Stock Exchange (JSE) during the month of April 2020. The Managed IT Service provider was a top-performer on several trading days which saw performance of up to 23 per cent increase with stocks closing at up to $4.75.
Gillian Murray, Marketing and HR Manager at tTech Limited stated, “tTech is perfectly positioned during this COVID 19 pandemic to serve organisations as they quickly and securely increase their use of technology. While we anticipate possible negative effects on our revenues, as in most sectors, we intend to survive and thrive in these unprecedented times.”
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