Redcentric PLC Trading Statement (2218E)
May 05 2017 - 2:00AM
UK Regulatory
TIDMRCN
RNS Number : 2218E
Redcentric PLC
05 May 2017
05 May 2017
Redcentric plc
("Redcentric" or the "Company")
Trading Update
Redcentric plc (AIM: RCN), a leading UK IT managed services
provider, is today issuing a trading update for the year ended 31
March 2017.
The Company's trading results for the year were in line with the
Board's expectations. Redcentric experienced good sales momentum in
the year with a number of key contract wins and renewals in both
the public and private sectors.
Net debt as at 31 March 2017 was GBP39.5m, an improvement over
the previously reported average net debt position to 30 November
2016 of GBP42.0m. This improvement was despite the significant
exceptional items related to the forensic review.
Our lending banks have remained supportive over recent months
and the Company is pleased to announce that amended debt facilities
are now in place. Waivers in relation to historic covenant breaches
have been secured such that the Company is fully compliant with its
facilities.
Good progress has been made with regard to the remedial
programme outlined at the interim results in December. The finance
team has been further strengthened and a number of improvements
made to internal systems and controls.
Further details on the above will be included within the
Company's full year results for the year ended 31 March 2017 to be
announced on 29 June 2017.
Fraser Fisher, Chief Executive Officer, said;
"We are pleased to be able to report that trading is in line
with expectations. Throughout the challenges at the end of last
year, we have continued to enjoy the support of our stakeholders
including customers, banks and loyal colleagues. A great deal of
work has been carried out in the past few months to execute the
remedial plan, strengthening our reporting and control
systems."
Enquiries:
Redcentric plc Via Tulchan Communications
Fraser Fisher, Chief Executive
Peter Brotherton, Chief Financial
Officer
Numis Securities - NOMAD & Joint
Broker +44 (0) 20 7260 1000
Simon Willis / Oliver Hardy / Ben
Stoop
finnCap Ltd - Joint Broker +44 (0) 20 7220 0500
Stuart Andrews / Rhys Williams
Tulchan Communications +44 (0) 207 353 4200
James Macey White / Matt Low
This information is provided by RNS
The company news service from the London Stock Exchange
END
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