tTech Limited’s Mid-Year 2021 Revenues Up By 30 Percent
tTech Limited – leading Jamaican-based Managed IT Services provider, has released its unaudited financial results for the quarter ending June 30, 2021. The Company earned revenues totalling $107.9 million, which surpassed the $82.7 million reported for the corresponding period in 2020 by 30.4 percent. Expenses for the period totalled $70 million, a 34.9 percent increase compared to the $51.9 million of the same period in 2020.
Pertinent to the financial status of the Company during this period was its change in tax position. The Junior Market Incentive Scheme where 50 percent of the usual tax rate, equivalent to 12.5 percent, was applied to the Company’s profits as it entered into the second five years of listing on the Jamaica Stock Exchange. The Scheme’s phase two application of this tax resulted in the Company’s Total Comprehensive Income for the quarter being $7.5 million – an 11.7 percent decrease from the $8.5 million recorded in the corresponding period in 2020. The Company’s eligibility for the Employment Tax Credit, however, will allow for a reduction in the tax rates payable to 8.75 percent for the next 5 years and a further 17.5 percent thereafter.
tTech Limited’s year-end 2020 into 2021 was very promising. The Company managed to find new ways of maintaining operations during shifts in the local business community, brought on by the global COVID-19 pandemic. CEO of tTech, Christopher Reckord stated that “We benefited heavily from the momentum established in the first quarter of 2021. We were able to help our existing customers to implement technologies needed for their staff to operate remotely and we relentlessly seized and created new opportunities to convert customers”.
The Company undertook some activities during the period that strengthened their pipeline over the period. More Cybersecurity related projects were added to the Company’s roster, including several Cybersecurity awareness activities, which drove some entities into action. The Company also continued their robust Data Protection as a Service campaign on the heels of the Data Protection Act becoming law and completed the 2021 staging of its highly successful business technology event, TechCon, held virtually on May 18?19. Much positive feedback was received from these activities and an increase in the Company’s prospect pool of potential revenue was achieved.
tTech Limited continues to work aggressively on its promise of delivering insanely good IT services to its clients, even in the midst of a pandemic. The team is confident that the outlook for the subsequent quarters remains positive – especially as the Company’s robust sales and marketing activities continue to yield more interest from prospective customers in its services.