Redcentric is in a bullish mood after its unaudited interim results revealed revenues jumped 15 per cent and pre tax profit increased by 22 per cent for the period.
According to a statement filed on the stock exchange, revenue for the six months ended 30 September 2015 hit £54m, up from £47m in the same period the previous year. Pre tax profit stood at £5m, up from £4.1m the previous year.
Back in April, Redcentric swallowed Calyx Managed Services for £12m after buying it from private equity backer MCX Capital, and hinted that there would be more to come. The statement said the integration of the two firms had been completed in September.
Redcentric also revealed that net bank debt currently stood at £16.5m, significantly up from the £4.8m on 31 March 2015, due to the Calyx acquisition. However it said the debt would “reduce steadily with ongoing cash generation”.
It also said the business continues to trade “in line with the Board’s expectations” and the board is “confident” of the full-year outlook.
Recently appointed Redcentric CEO Fraser Fisher, said: "Redcentric has continued to perform well in the first half, with some very impressive contract wins, good sales momentum and the successful integration of Calyx. Our focus continues to be on growing our recurring revenue base by providing our customers with market leading services, allowing them to concentrate on their core business."
Chris Cole, chairman of Redcentric, added: "These first half results demonstrate the continued growth pattern seen in previous periods. The Calyx acquisition and subsequent integration have enabled us to expand our contract base, and demonstrates both the scalability of the platform and the ambition the board has to deliver increasing shareholder value over the coming years."
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