“Considerable momentum” turns Redcentric’s fortunes around

IT SERVICES provider Redcentric has turned it around with an excellent set of results.

The Harrogate-based firm has reported revenues of £94.3m, up from £58.3m for the year ending March 2014.

Pretax profits leapt to £7.83m for the year, compared to a loss of £2.56m last year.

Following the firm’s year end, they have acquired Calyx Managed Services Ltd for £12m in April this year. Redcentric also signed a deal for £50m bank facilities over five years, allowing the firm to “explore future opportunities.”

Chris Cole, chairman of Redcentric, said: “I am very pleased with these results. We have created a powerful platform which is producing significant levels of recurring revenue and organic growth.

“The post year-end acquisition of Calyx is another step in our growth ambitions and our determination to deliver value to our shareholders.”

Tony Weaver, chief executive of Redcentric, said: “We focus on partnering with our customers to deliver them business building outcomes through our wide range of solutions: the growth in our recurring revenue demonstrates the strength of that partnership.

“We are progressing well in our aim to become the preferred IT managed services provider to the UK mid-market. We have considerable momentum in the business and I look to the future with confidence.”

Redcentric has additional offices in London, Reading, Theale, Cambridge and Hyderabad and operates data centres in Reading, Harrogate, London and Cambridge.