IT firm still feeling the impact of FCA investigation

IT services company Redcentric has seen a decrease in total revenue for the first half of the year to March 2020.

Down by 9% year on year, the Harrogate-based firm is continuing to be impacted by the ongoing FCA investigation into the overstatement of net assets which began in 2017.

Despite this ongoing investigation, Ian Johnson, non-executive chairman at Redcentric said “Visibility of future revenues remains strong with recurring revenues reaching 90%.”

Johnson also emphasised the expected annual saving of £2.8m from the review of the business’s strategic data centre and network portfolios.

The firm remain cautiously optimistic for the future and expect modest revenue growth in the second half of the year, with full year results in line with Board expectations.