tTech Q1 revenues climb 20%, posts profit turnaround

tTech Limited, a Jamaican-based managed IT services provider, is posting improved revenues for the first quarter of 2023.

Releasing its financial results for Q1 2023, tTech earned revenues totalling J$118.3 million, a 20.9 per cent improvement on the J$97.9 million reported for the corresponding period in 2022.

Additionally, it boasted profits of J$6.1 million for the quarter, rebounding from a disappointing loss of $4.8 million in the same period in 2022.

One of the key factors contributing to this turnaround was the implementation of a new management structure. In December 2022, Norman Chen assumed the role of acting CEO after previously serving as director of technical services. Additionally, other senior management roles were adjusted and new appointments were made. These changes played a vital role in transforming the company’s fortunes from the previous year.

Chen expressed his optimism for first quarter of 2023, highlighting the company’s efforts to stabilise the team and capitalise on new opportunities to attract and retain customers while strengthening its pipeline.

“Since last year, we have successfully acquired new clients across various industries, including finance, healthcare, retail, and government. Although the government sector has not traditionally been our target market, we recognize significant growth potential in this sector and have started building relationships with relevant agencies. Our sales team is actively pursuing IT outsourcing opportunities with them,” said Chen

Chen attributed some of the groundwork laid by the team in 2022 as instrumental in positioning the company for success in 2023.

He revealed, “We implemented several cost-saving measures in the final quarter of 2022 to enhance our financial performance. These measures included negotiating better pricing with suppliers, optimizing our inventory management system, and streamlining internal processes.”

“We are delighted to report that these measures have yielded positive results, as demonstrated by the increased profitability we achieved in the first quarter of 2023.” He pledged that the company would continue to closely monitor costs and make necessary adjustments to ensure financial stability while delivering quality services to clients,” he added, with evident satisfaction.

With the recent enactment of the Data Protection Law in Jamaica and the appointment of the Information Commissioner, tTech has positioned itself as a facilitator and enabler of data compliance across industries through its advanced security products. The company has implemented various measures to enhance its clients’ cybersecurity posture, resulting in increased demand for services such as vulnerability assessments and penetration tests to assist clients in preparing for compliance with the Data Protection Act, which will be effective from December 2023.

tTech remains optimistic about the outlook for the upcoming quarters, particularly as the company’s robust sales and marketing activities, continuous team development, and product enhancements generate more interest from prospective customers.