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(Photo: tTech limited)

Ja’s tTech reports fifth year of profit since Jamaica Stock Exchange listing

(Photo: tTech limited)

Jamaica-based tTech Limited is celebrating the fifth year of profitability year since listing, in January 2016, on the Junior Market of the Jamaica Stock Exchange.

For the financial year ended December 31, 2020, the company earned revenues of JM$359.5 million, an increase of JM$19.1 million or 5.6 per cent over 2019. 

Net Profit (Total Comprehensive Income) for the period was JM$22.5 million, which fell JM$2.27 million or 9.2 per cent below that of 2019.

According to Chief Executive Officer Gordon Christopher Reckord, “2020 was an extremely tough year globally because of the COVID-19 pandemic, and Jamaica and tTech did not escape its effects.

Gordon Christopher Reckord, chief executive officer, tTech (File photo)

Responding to COVID-19

“While several customer projects were put on hold and some were cancelled, tTech was still able to increase revenues by implementing the technologies needed for our customers’ staff to operate remotely, and the acquisition of new customers who required our support to improve security, migrate to the cloud and enable remote working,” he continued

In order to adapt to COVID-19 conditions, the company implemented a remote monitoring and management application, professional services automation tools for managing customer support requests, and Microsoft Teams to facilitate collaboration between team members.

Presenters at tTech TechCon 2019 conference, including CEO Chris Reckord (right), gather for a photo opportunity. (Photo: tTech Limited)

Moreover, tTech invested in “chat-based support” technologies to afford customers another way to connect with its team and get the responsive support they need. The company also added tools to track and document changes in the IT environments managed for customers.

 tTech has acquired specialised Data Privacy IT Compliance Assessment Tools which it is currently testing internally before the planned roll-out this year.

Pivoting on opportunities

“We experienced minimal financial effects as the majority of our customers do not fall within the vulnerable sectors most affected by COVID-19 lockdowns, restrictions or economic downturns. As a company, we were able to pivot operationally and implemented many of the services we provide to other organisations.” 

Reckord said that future opportunities for tTech include the implementation of hardware and software needed to safely and securely provide organizations with secure access to their digital assets from home or other remote work facilities. 

Additionally, the company is exploring virtual education and learning opportunities.

The CEO said tTech continues to differentiate itself from other IT companies in Jamaica with a renewed focus on the strategic execution of its holistic managed IT services provider business model. 

In addition, Reckord believes IT outsourcing willl be an area of growth.

“The company has a complete set of strategic tools and proven business processes necessary to align and synchronise all the components of our business to deliver an insanely good customer experience. As more organisations realise the difficulty and increased risks associated with not having the required IT skills within their teams, outsourcing will become the preferred option and tTech is poised and ready with years of focused IT services delivery experience,” Reckord stated.

He said as well that in  2021 tTech will continue to be on the lookout for mutually beneficial partnerships, including acquisition opportunities, while continuing to execute on strategic plans including the continuous exploration of growing revenues outside of Jamaica.