For tTech Limited, 2022 was a challenging yet rewarding year, a sentiment conveyed throughout the addresses by acting CEO Norman Chen and Hortense Gregory-Nelson, finance and administration manager.
Gregory-Nelson stated that the financial results for the year ending December 31, 2022, were less than stellar for Jamaican-based managed IT services provider.
She reported, “the post- pandemic era, coupled with a challenging global economic environment, negatively impacted the company’s financial performance as revenue growth slowed, and for the first time, the company recorded a net loss after tax of J$22.8 million having experienced increased competition, supply chain disruptions, and one-off extraordinary items totalling $14.5 million”.
The results were shared on Thursday (June 15) at a annual general meeting (AGM) convened at the Courtleigh Hotel, with an audience of approximately 40 stakeholders.
Despite the loss, Chen, who assumed the role of acting chief executive at the end of December, remained optimistic about the company’s ability to rebound.
Speaking on the team’s strategic approach towards business recovery in his presentation, Chen revealed that, “going into the fourth quarter of 2022, we were really looking at how we could evolve and transform the company, using our team members. We first wanted to ensure that they had the proper skills and talent to serve our customers, and that was one of the four pillars we needed to satisfy in order to evolve in the way that we wanted to”.
tTech notably undertook a restructuring exercise which saw senior management roles adjusted and new appointments made. In addition to the restructuring and further efforts to secure an engaged team, Chen outlined two additional pillars that formed the company’s growth strategy going into 2023.
He continued, “We have made moves towards bolstering our portfolio to include a range of advanced security services that would help us to directly align our products with the Data Protection Act and the needs that are arising out of the market for security solutions, as well as putting systems in place to drive more efficiency and make the best use of our operational spend”.
Chen lauded the work put in by the team in the final quarter of 2022 as instrumental to the increase in profitability evidenced in the first quarter of 2023. He pledged that the company would continue to closely monitor costs and make necessary adjustments to ensure financial stability for the subsequent quarters of 2023 while delivering quality services to clients.
In the meantime, tTech Limited’s AGM approved four proposed resolutions, by a majority, which included the re-election of retiring directors Uriah Philip Alexander, Joan-Marie Powell, and Edward ‘Teddy’ Alexander, as well as the re-appointment of auditors, Crichton Mullings & Associates chartered accountants, and the fixing of the remuneration for directors.