For the three months ended September 30, 2020, tTech Limited reported net profit for the quarter of JM$5.5 million, a 51.2 per cent reduction when compared to the same period in 2019 (JM$11.3 million).
Revenues for the quarter were JM$92.3 million or 12.1 per cent below the corresponding period in 2019 (JM$105.1 million).
According to tTech’s Chief Executive Officer Chris Reckord, in his remarks on the results, the level of profit was achieved despite very challenging conditions as some customers reduced services and delayed projects because of the COVID‐19 pandemic.
He further noted, “Opportunities from the crisis: Digitalisation and digital transformation [have] become the most important topics in leadership circles with the pandemic being the biggest catalyst.
“tTech delivers value to its customers by allowing them to outsource infrastructure management that has become increasingly complex for organisations whose IT resources are stretched as a result of a growing demand for mission critical digital projects.”
During the quarter the company successfully onboarded a number of new customers while managing service improvement projects for several existing customers, Reckord outlined.
In July tTech reopened its office in response to the Government’s “back to office” call. However, as the number of COVID‐19 cases spiked in August, it reverted to working from home for the safety of its team members.
Despite these changes, Reckord stated: “Our support team managed to address support incidents very well, meeting and, in many cases, exceeding our customers’ service level agreements.”
He added that as more companies have their employees working from home rather than in office, the risks associated with cybersecurity have increased.
This has led to tTech reminding organisations of the cybersecurity risks associated with remote work-from-home while offering services to mitigate the risks, the CEO said.
“Digitalisation and digital transformation [have] become the most important topics in leadership circles with the pandemic being the biggest catalyst”
Reckord said that the management team has maintained a focus on managing cash resources, particularly receivables which has allowed the company to maintain a strong balance sheet and continue to be debt free.
Expenses for the quarter were $89.8 million, a decrease of 8.8 per cent over the same period in 2019 ($98.5million).