tTech overcomes COVID challenges to report 5th straight year of profitability
Jamaica-based managed IT services provider, tTech Limited, has reported a profitable year of resilience, innovation and change for 2020, despite the onslaught of the COVID-19 pandemic.
Hortense Gregory-Nelson, tTech’s finance and administration manager, reported during the companies annual general meeting (AGM) on September 14 that tTech recorded revenues of J$359.5 million, which was an increase of 5.6 per cent compared to 2019.
This made 2020 the fifth profitable year in a row since January 2016.
“In addition to revenue growth, we have seen that interest in the company has grown as well,” said Gregory-Nelson.
Noting that interest in the company continues to be strong, she added: “Our shares continue to be actively traded and the amount of shareholders has increased from 340 at listing to 658 by June 20, 2021.”
The AGM was the first fully virtual meeting since the amendment of company articles allowing them to make use of technology for such events because of the pandemic.
“2020 set the groundwork for 2021 as it unearthed some good opportunities for tTech in the form of IT security solutions.” Christopher Reckord, tTech CEO
Praising the team for its performance and noting that it had set the groundwork for 2021 and beyond, tTech CEO Christopher Reckord reported on staff welfare, activities and achievements throughout the year, as well as some company operations and market conditions for its products and services.
Among the triumphs identified by Reckord to shareholders was the company’s recognition by the American Chamber of Commerce (AMCHAM) for its corporate social responsibility activities, as well as awards from the Jamaica Stock Exchange (JSE) for best annual report and runner up for the best website by a company listed on the Junior Market.
The CEO stated that it was as a result of “a great display of the stick-to-it-iveness of the team despite the challenges throughout the year and its commitment to constant improvement and community involvement”.
Reckord stated that “2020 set the groundwork for 2021 as it unearthed some good opportunities for tTech in the form of IT security solutions”.
He continued by saying, “a lot of these solutions are connected to the recently passed law on Data Protection, which we continued as a service propelled by partnerships with Data Protection experts like Design Privacy”.
The company undertook a robust Data Protection as a Service campaign and more cybersecurity-related projects during the period, that strengthened their pipeline and drove some entities into action.
The CEO assured shareholders that, “tTech has seen an uptick in inquiries about IT solutions since COVID-19 and each introductory event during the year brought customers and opportunity for customers from our existing base where Data Protection is concerned. It was added to our roster of services for that reason and we will launch publicly at the end of September”.
Speaking on the prospects for wider uptake, tTech Executive Chairman Edward Alexander announced to shareholders that, “further contact was made in North America and the Caribbean for services and it seems promising so far”.
The company also announced its decision to join an international peer group of tech companies that supports the growth of managed service providers like tTech and, as one of the first from the Caribbean to join, it would reap the added benefit of potential partnerships with other members of the group.