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LONDON (Alliance News) - UK IT managed-services provider Redcentric PLC Friday said it traded strongly in the first quarter, with organic growth at the top end of its expectations driven by higher order intake and new customer wins, leaving it "comfortable" in meeting full-year market expectations.
The company said its financial performance in the first quarter of the year was strong, with revenue and profitability in line with management's expectations, leaving it confident in its outlook for the remainder of the year.
"Order intake has been strong. The company has signed a significant number of new contracts in the period, both with new customers, and with existing customers for the provision of additional services," the company said in a statement ahead of its annual general meeting Friday.
Redcentric said the integration of Technology Managed Services, a business it acquired in December last year, is progressing well with expected synergies for the current financial year on track.
"Cash generation has continued to be strong, allowing continued progress in net debt reduction, comfortably in line with plans," the company added.
Redcentric shares were trading 0.5% higher Friday morning at 111.00 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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