REDCENTRIC, the Harrogate-based provider of IT services, is on an upward trajectory as it completes a management reshuffle that sees its chief operating officer step up to run the company.
Sales were up 15% to £54.0m in the six months to September 30, while adjusted pre-tax profits increased faster, up 22% to £5.0m.
New chief executive Fraser Fisher has replaced Tony Weaver, who has become a non-executive director, just as the IT company’s share price is at an all-time high.
N+1 Singer rates the company as a “buy” and said: “The group continues to show good growth in recurring revenues with the potential to augment organic growth with accretive acquisitions as opportunities arise”.
Mr 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.”
