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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Redcentric PLC | AQSE:RCN.GB | Aquis Stock Exchange | Ordinary Share | GB00B7TW1V39 | Ordinary Shares 0.1p |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 140.00 | 133.00 | 147.00 | 140.00 | 139.00 | 140.00 | 0.00 | 08:40:44 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRCN
RNS Number : 3517Q
Redcentric PLC
27 October 2021
Redcentric plc
("Redcentric" or the "Company")
Trading Update
Redcentric plc (AIM: RCN), a leading UK IT managed services provider, today announces a pre-close trading update for the six months ended 30 September 2021.
Financial Highlights
We are pleased to announce that trading for the six months ended 30 September 2021 is expected to be in line with the Board's expectations, with revenues of GBP46.4m (H1 FY21: GBP46.2m) and adjusted EBITDA of GBP12.0m (H1 FY21: GBP12.3m). The Company had minimal net debt of GBP0.4m at 30 September 2021 (31 March 2021: net cash of GBP1.0m), excluding supplier loans and leases previously classified as operating leases under IAS17. This strong position reflects a final dividend payment of GBP3.7m, the disposal of the non-core EDF contract for GBP5.8m and the acquisition of Piksel Industry Solutions Ltd ("Piksel IS") for GBP9.5m.
Operational Highlights
The integration of Piksel IS is progressing well, and we are on target to have the business fully integrated by the end of the current financial year. Good progress has been made in realising synergies and we are confident of achieving cost savings of at least GBP1.1m. The acquisition has been well received by both companies' customer bases and we are already in active discussions regarding several cross-sell opportunities.
Outlook
We expect trading for the year ending 31 March 2022 to be in line with the Board's expectations, including strong cash generation consistent with previous guidance. This is despite a continued lack of largescale IT projects and supply chain issues remaining a feature of the sector. In addition, several of our electricity supply contracts fell due for renewal during the ongoing UK energy crisis and this will add GBP0.5m of costs to H2 FY22 and at least GBP0.5m of costs to H1 FY23.
We continue to make progress on M&A prospecting, with several active conversations underway, a growing pipeline of potential targets and a strong balance sheet.
Notice of Interim results
The Company intends to announce its results for the six months ended 30 September 2021 on Thursday 18 November 2021.
Enquiries:
Redcentric plc +44 (0)800 983 2522
Peter Brotherton, Chief Executive Officer
David Senior, Chief Financial Officer
finnCap Ltd - Nomad and Broker +44 (0)20 7220 0500
Marc Milmo / Simon Hicks / Charlie Beeson (Corporate Finance)
Andrew Burdis / Sunila de Silva (ECM)
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(END) Dow Jones Newswires
October 27, 2021 02:00 ET (06:00 GMT)
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