Shares in UK-based IT services company Synstar Plc rose 3.5% to 130.5% yesterday as the company, which floated on the London Stock Exchange in March, reported a net profit of 294,000 pounds ($473,340) up from break-even on revenue that rose 32% to 104m pounds ($167.4).
Synstar enjoyed a 33.7% growth in revenue to 71.5m pounds ($115.1m) for its computer services activities, which include hardware maintenance, asset management and helpdesk services with remote systems intervention capabilities. But its growing business continuity operation, with 8.3m pounds of revenue, is turning into a big earner, showing an operating margin of 23% against 4.6% of services.
The coming year is likely to see a continued expansion in its growing business in Europe and acquisitions, put on hold during the IPO process, are again on the agenda.
