Share Name Share Symbol Market Type Share ISIN Share Description
Redcentric LSE:RCN London Ordinary Share GB00B7TW1V39 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -4.00p -4.94% 77.00p 77.00p 81.00p 81.00p 77.00p 78.50p 42,727 16:29:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 104.6 -4.2 -1.6 - 114.62

Redcentric Share Discussion Threads

Showing 851 to 871 of 875 messages
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Bottom is in buy
Sleepy board.............bodes well? Two director buys on consecutive days.
Tech Market View - 10/8/17: Redcentric chief executive to resign Some would say it was just a matter of time before Fraser Fisher was forced to resign as chief executive of UK managed services provider Redcentric after the financial scandal that rocked the company late last year. An official statement reveals Fisher will leave to pursue other business interests this December after 14 years with the company, two at its helm. Redcentric’s FY17 operating loss of £3m - reflecting £5.5m of one-off charges related to the subsequent restatement of accounts and ongoing investigations by the Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) - was always going to be hard to take, particularly for investors after a statutory EPS loss of 1.60p meant no dividends were paid. Fisher follows a number of other key personnel out of the door. Director, former chief executive and co-founder Tony Weaver stepped down in October shortly before news of the accounting debacle broke in November, with chief financial officer (CFO) Tim Coleman coinciding his departure with the announcement. MXC Capital resigned as Redcentric’s financial advisors shortly after. There have been calls for Fisher to go ever since, but the beleaguered CEO stuck it out in a bid to limit the subsequent damage. Whatever the eventual findings of the FCA/FRC and the opinions of Redcentric shareholders, the ongoing saga does not (yet) appear to have had a detrimental effect on the company’s performance. Redcentric has continued to win deals, including a five year £2.5m contact with healthcare provider Virgin Care, and its FY17 revenue of £104.6m was up slightly from the restated FY16 figure of £102.4m (itself revised downwards from the £109.5m originally reported). It’s difficult to know if Fisher leaves Redcentric in a better or worse state than he found it given the murkiness of its recent financial history, but whoever takes the wheel now will be hoping the worst is behind it.
simon gordon
The doc expects another holding RNS from Mr Griffiths showing an increases from his previous 13%. This looks to have all the hallmark of a classic recovery play identified by Griffiths just like cmbn where he is now up over 300% I would expect him to take over 20% here in due time. His method is to occasionally attack the buy side that spikes the share upwards and then sits back and soaks out the sellers in the new price range and then rinse and repeat. I expect him to take this up towards 85-90p in the near term accumulating stock and well over 100p in the mid term
RCN is somewhat of an interesting play at the moment. The doc is long..
Tech Market View - 6/7/17: Thursday 06 July 2017 Redcentric wins £2.5m VDI contract with Virgin Care Redcentric’s £2.5m, five year contract to supply virtual desktop infrastructure (VDI) to NHS and social care services provider Virgin Care appeals to TechMarketView on two fronts. Firstly, it is another indication that Recentric’s recent troubles are not affecting its ability to win business, whilst the deal will substantially expand what we think has been a modest VDI revenue stream for the AIM-listed managed service provider to date. Secondl it highlights how the NHS continues to modernise and optimise its core IT service provision by migrating applications and systems into cloud hosted environments which can be quickly provisioned and configured to streamline staff access. Redcentric has worked hard to cement its reputation as a trusted supplier to the UK healthcare sector in the last 12 months. It was awarded Health and Social Care Network (HSCN) compliance in May, approved as a supplier to the government’s Digital Outcomes and Specialists framework in February and won a contract with NHS Digital in January. With those credentials now firmly established, we can’t help but feel that more healthcare contracts will be on their way to Redcentric in the current financial year.
simon gordon
CALYX. Thams yar hint.
Tech Market View - 29/6/17: Redcentric seeks redemption in FY17 revenue UK IT service provider Redcentric released meticulously audited FY17 revenue following the accounting misstatements revealed last November, for which the company remains under investigation by the Financial Conduct Authority (FCA). Turnover for the year ending March 2017 was £104.6m, up slightly from restated FY16 figure of £102.4m (revised downwards from the £109.5m originally reported). An operating loss of £3m reflects £5.5m of one-off charges, much of which are related to that restatement and ongoing investigation. These include an accumulation of overdue and uncollected debts resulting in credit losses of £2.9m being recorded in FY17 alongside £1.3m of auditing fees to Deloitte and Nabarro. The FY17 numbers will be particularly painful for shareholders - adjusted basic earnings per share (EPS) was 4.45p, but a statutory EPS loss of 1.60p meant no dividends were paid. Only time will tell just how harmful the last 12 months has been for Redcentric from its investor and customer perspective, but the company is progressing well with the subsequent damage limitation campaign. Following a boardroom overhaul and the appointment of a new CFO, new financing facilities were secured to service current debts of £39.5m after original banking covenants were breached. The under-fire finance department has been bolstered by additional personnel and tighter controls designed to prevent the incorrect recording of cash receipts and supplier payments that got Redcentric into so much trouble in the first place. FY17 turnover suggests business may not have suffered too much so far. Network and cloud service contract renewals worth £12.5m were signed with four public sector organisations during the year. Redcentric also won 88 new deals worth £19.4m, including Pizza Express and NHS Digital (it was one of multiple network service providers to be included in the Peering Exchange contract for the new Health and Social Care Network earlier this year). Shareholder patience is being sorely tested but if Redcentric can keep winning new business and cross-selling additional services to existing customers, it shouldn't suffer too much in the long run.
simon gordon
Is anyone able to advise if MXC met the performance criteria to exercise the 7m shares option at 80p? Exercise conditions at any point after 15th November 2016 provided average mid market closing point in preceding 10 working days being greater than 112.4p. Would this include 10 working days before the 15th November 2016? - I'm new to financial statements - sorry! If it does by chance this happens to coincide with a director standing aside on 1st November and then the share price collapsing after the accountings? disclosure on the 7th November?
IT firms hope for cyber hack boost as businesses tighten up their defences after global hack Cyber security and IT firms are set for a lift this week as spooked businesses tighten up their defences following Friday’s global hack. They were told to update their security software after the attack on the NHS, Telefonica in Spain and FedEx in the US among others. Technology analyst Paraag Amin said the warning was likely to benefit cyber security consultants and IT services firms – such as Redcentric, Coretx, NCC and Sophos. Read more:
Anyone been locked up yet? Rumours it could be on the cards and staff jumping ship to a newco connected with prev management
pomp circumstance
Statement reads well, so is there hope here?
Be good to see some management purchases via RNS. That would show a vote of confidence that the misstated accounts are history/ old news. ( Not 'fake' news !)
I thought that the FRC were brought in to investigate PwC over their auditing of RCN accounts? This announcement today was to be expected - as a shareholder I would like the FCA to have a look and see if there have been any shenanigans. (PwC could be hit with a big fine and have to compensate RCN...)
H1 revenue £53m with EBITDA of £9.1m. Could fall prey to a predator.
I bet you lot dont like Mondays!! You aint gonna like this one thats for sure. Ding ding...........thud.
Until the parasites MXC Capital are completely out (7m of options to exercise at 80p)its just going to drift. See Richard Griffiths has a 10% stake and he's no mug. Good business trying claw its way out of a bad situation. As a long term investment/ take out proposition looks quite attractive.
2012. Of course hedge funds can be by their nature activists. But apart from pure conjecture on that, where in any event is the incentive to sell or to buy the company to be found at the moment. Unless the view is taken early it's badly damaged goods ( market doesn't seem to think so currently ) and best absorbed by a willing buyer at a profit to those then calling the shots.
Mandeep Manku, who previously worked at outspoken activist investor Daniel Loeb's hedge fund titan Third Point, has set up and launched his maiden hedge fund this month, HFMWeek has learned. According to a source familiar with the plans, the new firm, based in New York, is called Coltrane Asset Management
Interesting to read floated ' suggestions' of takeover, on here and other site. Not gained any traction yet. What's all that based on? Why? Something to do with Coltrane? If so, Master fund for high net worth individuals, as per the usual hedge fund prospectus, with a declared interest in investing long and short ( I make no suggestion of any shorting by anybody here ) in European companies. Anything else?
Today's RNS simply says that MXC has gone below 3% but their own tells a bigger story - they sold 5.3m shares.
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