tTech records profit of $22 million for 2020 financial year

Managed IT Services provider tTech Limited is reporting net profits of $22.5 million for the year ending December 31, 2020, adding that it is grateful to have survived the year “relatively unscathed compared to many other companies.”

The company’s net profit for the review period was 9.2 per cent less than the $24.75 million recorded in 2019.

tTech’s revenues totalled $359.48 million, a $19.1 million increase from the corresponding period in 2019 ($340.36 million), due to changing local business conditions brought on by the global COVID-19 pandemic.

“The team is confident that the outlook for the subsequent quarters is positive – especially as the company anticipates some previously postponed projects to restart and online marketing activities continue to yield more interest from prospective customers in its services,” tTech said.

Reflecting on the year ending December 2020, tTech said it has a very promising start to the year, as sales and marketing activities during the second half of 2019 had begun to bear fruit with several opportunities being converted to customers in the first quarter.

In March 2020, however, COVID?19 was declared a global pandemic and, like many other businesses, it had to find new ways of maintaining operations.

CEO of tTech, Christopher Reckord stated: “Fortunately, because of previously made investments, we were able to respond immediately to the call by the government to implement work-from-home and have our team members work remotely while still maintaining very high levels of service delivery. We were kept very busy with helping our customers to implement the technologies needed for their staff to operate remotely as well”.

tTech’s diversified portfolio of customers spared the company from the worst scenarios projected during the near?lockdown period between March and June of 2020.

Some projects were put on hold by customers, but new opportunities were presented for the company’s benefit, the company noted. One such opportunity was the recent passing of the Data Protection Act into law and the local work from home requirements.

This saw tTech championing awareness and education on topics relating to Cyber-Security and the timely introduction of a service offering on Data Protection & Privacy and IT Compliance – for which much positive feedback was received and an increase in the company’s prospect pool of potential revenue was achieved.

Founded in 2006 by former GraceKennedy CIO Edward (Teddy) Alexander in collaboration with other senior IT professionals, tTech Limited is provides outsourced Information Technology (IT) solutions for businesses of all sizes.