Directors at Tyneside software firm Technology Services Group (TSG) have hailed improved trading results on the back of investments and growing demand.
The software solutions company chalked up a 7% increase in turnover to £32.1m in the year ended March 31, while also seeing operating profit grow from £2.13m to £2.27m. Overall profit for the year more than doubled from £632,000 to £1.65m.
Finance director Steve Lynn highlighted ongoing reluctance by customers to make investments, but said more are now moving to cloud-based platforms, which boosted the firm’s recurring income. In his report on the year, Mr Lynn said: “Despite the general difficult trading conditions due to the ongoing Covid-19 pandemic, the business improved its trading results year on year.
