tTech’s half-year profit up 27 per cent
Managed IT services provider tTech Limited at the end of the six months ended June saw its profit jump 26.6 per cent to total $11.8 million, reversing losses incurred for the same period in 2022.
The performance was supported by increased revenues of $236.2 million, $51 million more than that earned last year.
For the quarter this also translated to rebounded net profits of $5.2 million and revenues of $118 million.
Newly appointed CEO Norman Chen attributed the company’s turnaround in 2023 to its strategic approach to business recovery and a prioritisation of customer satisfaction.
“Throughout the last two quarters, we sought to actively engage our clients so that we could gain valuable insights into their requirements and pain points. As a result of that, we strategically aligned our products and services to address those needs, and we have, in the process, fostered lasting partnerships with them,” he said.
He cited increased demands for products such as its data protection bundle package and advanced security products among other positive contributors, especially as organisations prepare for full compliance with the Data Protection Act ahead of its December 1, 2023 implementation.
“Since the last quarter of 2022, we have worked on bolstering our portfolio to directly align our products with the needs that are arising out of the market for security solutions, as well as putting systems in place to drive more efficiency among the team as we implement cost-saving measures to enhance our financial performance.
“We continue to assess emerging technologies and market trends to anticipate and adapt to client demands, while we closely monitor costs and make necessary adjustments to ensure financial stability,” Chen said.
Maintaining a positive outlook for subsequent quarters and the remainder of the year, the company said it will continue to engage new strategic elements to generate more interest from prospective customers while aggressively pursuing its growth objectives to deliver increased value to shareholders.
“As the economy recovers and technology plays an ever-increasing role in various sectors, tTech is poised to capitalise on these opportunities and remains well-positioned for sustained growth and profitability,” the company further said of its outlook.
Chen, who was appointed CEO in June, after acting in the post since December 2022 following the departure of Christopher Reckord, said he was grateful for the opportunity to lead the organisation to its new phase of growth and innovation.
He assumes the post with over 25 years in experience in the IT industry having been employed to tTech since 2013 with previous work history in a number of management roles across local and international companies including Commnett, Fujitsu and Flow.
“I am confident that Norman will continue to build on the great work that the company has done and that our customers will continue to benefit from the excellent service we are committed to delivering. Norman is an engaged and strategic leader. He has deep knowledge of the industry and the company’s operations, which makes him very suited for this role. We are excited to have him lead our team,” said tTech’s founder and Executive Chairman Edward “Teddy” Alexander commenting on the appointment.