Fisher crowned Redcentric CEO as Weaver steps aside

COO Fraser Fisher to replace Weaver as chief executive of MSP on 9 November

Redcentric has announced chief operating officer Fraser Fisher as its next CEO, as existing top dog Tony Weaver plans to steps back and become non-executive director.

Weaver, who is also the co-founder of investment vehicle MXC Capital, has been the CEO of Redcentric since 2013 when it was created by combining parts of Redstone and Maxima. Fisher (pictured) will take over the reins as CEO at the AIM-listed firm on 9 November, the same day it will release its interim results.

Fisher previously worked with Weaver at Redstone, where he was managing director, before the Redcentric demerger.

Today the MSP announced a trading update ahead November's results, which said its sales are in good shape.

"The strong start to trading noted earlier in the year has continued through the first half, with some significant new contracts augmenting the high levels of recurring revenues, which are in excess of 80 per cent of total revenues. During the first half, several significant contracts were won, including five £1m-plus contracts with both government and commercial clients," said the statement.

In April Redcentric acquired Calyx MS from MXC Capital for £12m and the firm said the integration "has progressed to plan".

"The financial benefits of the acquisition will be felt in full in the second half of the year," a statement said.

Chris Cole, chairman of Redcentric, said he was happy with the company's position.

"Redcentric is trading strongly," he said. "The high level of recurring revenue, increasing traction in the £1m-plus contract market, and the successful integration of Calyx all combine to give the board confidence in the company's prospects.

"I will be delighted to welcome Fraser [Fisher] as our new CEO. Fraser has a wealth of operational experience and has already made a significant contribution to the business.

"I am pleased that Tony Weaver will remain on the board as a non-executive director, providing business continuity as well as maintaining our important links with MXC Capital who have been supporting the development of Redcentric's successful position in the AIM-technology sector."

For the 12 months to 31 March, Redcentric's sales were up 62 per cent to £94m, while adjusted EBITDA doubled to £21.4m.