Redcentric PLC Appointment of CEO and Trading Update (7206S)

TIDMRCN

RNS Number : 7206S

Redcentric PLC

05 October 2017

05 October 2017

Redcentric plc

("Redcentric" or the "Company")

Appointment of Chief Executive Officer and trading update

Redcentric plc (AIM: RCN), a leading UK IT managed services provider, is pleased to announce the appointment of Chris Jagusz as Chief Executive Officer, who will commence on 16 October 2017, and to provide an update on trading for the six months ended 30 September 2017.

Appointment of Chief Executive Officer

The Company is delighted to announce the appointment of Chris Jagusz as Chief Executive Officer. Chris has over twenty-five years of experience in the telecoms and managed services industry, during which time he has built a track record of delivering growth and business transformation.

Chris has enjoyed a mix of both executive and consultancy roles through his career. From September 2014 to August 2016, Chris was Chief Executive of Azzurri Communications. During this period he led the transformation of the business, refocusing on growth markets and driving margin and efficiency improvements prior to its sale.

Prior to this role, from July 2012 to September 2014, Chris was Managing Director of SSE Telecoms. During this period, he drove the investment in advanced networks and products which served as the foundation for its growth in commercial markets. Other executive roles in the telecoms and managed services industry include Managing Director at Daisy Group plc (February 2010 - August 2011) and a number of senior management roles at BT (1988 to 2006).

Trading update

Trading for the six months to 30 September has been in line with management expectations. The Company has continued to focus on delivering reliable services for its clients while improving the operations of the business. In particular, good progress has been made with reducing the net debt position to GBP33.3 million, which is ahead of management's expectations. This is due to strong operating cash flows reflecting improved trade debtor collections and working capital management.

The Company will report its interim results on 29 November 2017.

Chris Cole, Chairman, commented:

"We are delighted to be able to announce the appointment of Chris as Chief Executive. He has an outstanding track record both in telecoms and as a business leader. The Board are confident he is the right person to take Redcentric forward."

Additional information:

The following information is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:

Full name: Christopher Jagusz

Age: 52 years

Current directorships: Sun Hill Advisory Limited and Fluidone Limited.

Previous directorships held in the past five years: Arrow Business Communications Group Limited, Arrow Business Communications Holdings Limited, Atlasconnect Limited, Azzurri Capital Limited, Azzurri Communications Limited, Azzurri Holdings Limited, Azzurri Scotland Limited, Azzurri Trustees Limited, Neos Integration Limited, Neos Networks Limited, SSE Telecommunications Limited, Sun Hill Consulting Limited, Warden Holdco Limited and Warden Midco Limited.

Christopher Jaqusz was a Director of Belle Holdco Limited, Belle Bidco Limited, Empire Realisations (1) Limited (formerly Eurotel Holdings Limited), Empire Realisations (2) Limited (formerly Neville Ward Holdings Limited), Empire Realisations (3) Limited (formerly Northpoint Services Limited), Empire Realisations (4) Limited (formerly Eurotel Holdings Limited), Empire Realisations (5) Limited (formerly Allington Communications Limited), Empire Realisations (6) Limited (formerly Service Direct Limited), Empire Realisations (7) Limited (formerly Advance Telephone Systems Limited), Empire Realisations (8) Limited (formerly Eurotel Corporate Services Limited), Empire Realisations (9) Limited (formerly Digital Exchange Maintenance Services Limited) and Multilink Business Communications Limited until 31 December 2008 and these companies were put into administration on 3 August 2009.

Enquiries:

 
 Redcentric plc                       Via Tulchan Communications 
 Chris Cole, Chairman 
 Peter Brotherton, Chief Financial 
  Officer 
 
 Numis Securities - NOMAD & Joint                [phone] 
  Broker                                                    1000 
 Simon Willis / Oliver Hardy / Ben 
  Stoop 
 
                                                 [phone] 
 finnCap Ltd - Joint Broker                                 0500 
 Stuart Andrews / Rhys Williams 
 
                                                 [phone] 
 Tulchan Communications                                     4200 
 James Macey White / Matt Low 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 05, 2017 02:00 ET (06:00 GMT)