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LONDON (Alliance News) - Information technology services provider Redcentric said Friday it expects higher earnings for its recently ended financial year, however, it has reduced its expectations for the new 2019 financial year.
For the year to the end of March, Redcentric expects earnings before interest, taxes, deprecation and amortisation to total GBP18.1 million, up from GBP17.3 million the year before. Revenue is estimated to drop to GBP100 million from GBP104.6 million.
The company has revised its expectations for the financial year ending March 31, 2019, reducing its revenue and Ebitda forecasts by 5% and 10%, respectively, against previous estimates.
This is due to the cancellations of some public sector contracts as customers move out of Redcentric's data centres into government-backed facilities as well as weaker new business sales, the company said.
Shares in Redcentric were down 7.5% at 92.50 pence on Friday.
