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Redcentric PLC - Harrogate, England-based IT service management company - Revenue in the six months ended September 30 jumped 33% to GBP82.0 million from GBP61.5 million a year before. Pretax loss narrows to GBP721,000 from GBP6.6 million. Maintains interim dividend at 1.2 pence per share. Looking ahead, Redcentric says it expects to start financial 2025 at least in line with prior expectations. Thinks it will see the return of "healthy" earnings before interest, tax, depreciation and amortisation margins of 25% and "excellent" cash generation following the completion of the integration of its most recent acquisitions.
Chief Executive Officer Peter Brotherton says: "The acquisitions have added considerable scale and broadened our product and solutions offerings, both of which have driven underlying recurring revenue growth of 8.3%...We look forward to the next financial year and beyond with confidence that we can continue to build on the impressive platform we have built. With the integration work complete, exceptional items will cease, and capital expenditure will return to more normalised levels, both of which, alongside a significant reduction in operating costs, is expected to drive strong cash flow generation in [financial 2025] and beyond."
Current stock price: 108.62 pence, up 3.5%
12-month change: down 5.1%
By Sabrina Penty, Alliance News reporter
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