Redcentric is upbeat about future prospects after challenging year
IT FIRM Redcentric said the past year has been challenging, but it is trading in line with revised expectations after winning a number of high profile contracts.
The Harrogate-based company announced a historic overstatement of net assets and profit last November which led to a £21m hole in its finances and the departure of its former chief financial officer.
The group said that its finance department has been “materially strengthened” since then, sales have been strong and it has a good pipeline looking forward.
The firm has signed up a number of new customers including high profile names such as Pizza Express and NHS Digital.
The group said that customers and staff have been very supportive throughout this turbulent period and it is fully co-operating with the ongoing FCA investigation.
Chief executive Fraser Fisher said: “We have taken the necessary actions to strengthen the business where it needed work. We have a loyal client base and a solid market offering exemplified by our new business and cross selling wins. The underlying business is strong, sustainable and well positioned for the future.
“While the business has had a turbulent period, we have weathered the storm and can now return to business as usual, focusing on sales growth and high quality customer services.”
The group said staff numbers have increased this year to 523, with around 140 being located at its Hyderabad office in India.
Redcentric reported revenue of £105m in the year to March 31, up from the restated £102m in 2016.
It made a pre-tax loss of £4.2m, down from £6.1m the year before.