Tialis Essential IT, a leading IT-managed services provider, announced on Wednesday that it anticipates a significant increase in revenue and adjusted earnings for the first half of the year. The London-listed company expects its revenue to reach no less than £11.5 million ($14.8 million), compared to £6.7 million the previous year. Additionally, adjusted earnings before interest, taxes, depreciation, and amortization are projected to be at least £1.2 million, up from £942,000 in the same period last year.

Tialis Essential IT attributes its positive performance to the realization of delayed contracts from the latter half of 2022. This trend instills confidence in the company’s ability to meet market expectations for 2023, although no specific figures were provided.

The company also expressed concern over the continuous decline in its share price. As a result, it is actively considering a share buyback as a potential utilization of capital if deemed appropriate.

Executive Chairman Andy Parker remarked on the challenges faced in the early part of the year, including delays in major contract commencements. However, he emphasized that despite these obstacles, Tialis Essential IT delivered a robust first-half performance with remarkable sales momentum and notable customer acquisition.

As of 0828 GMT, the company’s shares witnessed a 3.7% increase, rising by 1.5 pence to reach 42.5 pence.

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