19 May 2008 - Syscap Limited (http://www.syscap.com), the UK’s leading independent IT finance provider, announces revenues of £162 million in the year to 31 March 2008 – an increase of 20 percent on the previous year’s results. The value of assets under Syscap management (AUM) also increased by over 20 percent, from £295 million in 06/07 to £354 million in 07/08. These results follow a successful management buyout in August 2006 and represent an outstanding first full financial year under the new management team, particularly given the FLA’s indication of a six percent market contraction.
Philip White, CEO of Syscap, says: “Syscap has had another fantastic year of success, which, given the market conditions, has to be credited to the skill of our employees and the company’s ability to be agile, resilient and responsive to the changing needs and demands of its customers. In recent months we’ve seen several of our competitors really struggling under the impact of the credit crunch so a 20 percent growth, which would be impressive enough in stable market conditions, is a truly outstanding achievement.
“A recent report from the Finance and Leasing Association (FLA), suggested that the UK IT finance and leasing market contracted by 6.3 percent during the 07/08 financial year, so Syscap’s end-of-year results are a massive endorsement of our performance and focus, and positive news for everyone who has played a part in that success,” adds White.
Syscap continues to attract and appoint a high calibre of individuals including Peter Middleton as Chairman, Tim Canham as Sales Director for Flow Business and Julian Mellors as Head of New Markets Development.
In the coming year Syscap will be launching a series of internal and external initiatives, both in the UK and overseas, that will build on the success of the past year, further strengthening the company’s financial and market position into 2009.
Syscap is the UK’s leading independent IT finance provider. Syscap works directly with clients and in partnership with industry-leading IT vendors, equipment suppliers, ISVs and other business service providers. Through tailored, innovative finance solutions, Syscap enables commercial, professional and public sector organisations of all sizes to acquire the business assets and resources they need, without traditional budgetary constraints.
Founded in 1990, Syscap now employs over 110 people across the UK and Europe, has annual revenues in excess of £160 million and £350 million of assets under management.
For further information, please contact:
Lindsay Back/Ben Bush
Tel: 020 7749 4400
Tel: 020 8254 1800
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