tTech Limited Reporting 2018 As Its 3rd Profitable Year Since 2016 Listing On The JSE Junior Market
tTech Limited is reporting 2018 as its 3rd profitable year since their January 2016 listing on the JSE Junior Market, with Total Comprehensive Income of JA$27.5 million an increase of 47.8% over $18.6 Million reported for 2017.
According to the company’s just released 2018 annual report, tTech recorded revenues of JA$283.9million in the period, an increase of 30.7% above the $217.3 million reported in the corresponding period of 2017.
In his report to shareholders Chief Executive Officer Christopher Reckord said they achieved these numbers as a result of companies realizing that it is more efficient for them to outsource the management and support of their IT systems and that tTech was able to provide expert project management, consulting and advisory services to new customers.
In 2018 the company he said realized growth in both Managed Services and Consulting Services.
For the current year, the cost of sales was 22.2% of revenue versus 12.9% in 2017.
This increase over prior year was a result of lower margins taken on a project which was considered strategic for future growth, along with investments in applications to support the Company’s technical services he reported.
tTech operates in an industry of low capitalization as most of the Company’s costs for service and support tools are operating expenses and not capital in nature.
The company closed the 2018 financial year with improved earnings per share of 26 cents up from the 18 cents reported in 2017.