(Alliance News) - Redcentric PLC on Thursday said it expects to report double-digit annual growth, hailing a "productive year".
The Harrogate, England-based IT service provider said that for the year to March 31, earnings before interest, taxes, depreciation, and amortisation increased 16% to GBP28.4 million from GBP24.5 million.
Revenue grew 15% to GBP163.1 million from GBP141.7 million the year prior.
Redcentric said recurring revenue now accounted for 91.4% of overall revenue, improving from 90.7% in financial 2023.
A series of integration programmes with annualised cost savings worth GBP22 million were achieved by the year-end, alongside energy conservation measures, Redcentric said.
Chief Executive Officer Peter Brotherton said: "Looking forwards, our key tasks for FY25 will be to continue to drive organic growth and focus on delivering productivity gains to drive improved margin and cash flow performance."
The company achieved 16% recurring revenue growth and is aiming for a minimum of 5% organic recurring revenue growth in the current fiscal year.
Redcentric shares were down 5.7% to 134.90 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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Redcentric (RCN)