Redcentric first-half trading in line, net debt reduced

IT managed services provider Redcentric said on Wednesday that trading in the first half has been in line with its expectations.

In an brief update for the six months to 30 September, the company said it remains focussed on new and existing customers in both the public and private sectors.

Net debt as at 30 September fell to £16.5m from £17.6m at the end of March 2019 and £22.6m at 30 September 2018, despite dividend payments of £1.5m and an acceleration of network and infrastructure capital expenditure in the period.

In addition, Redcentric has also begun a share buyback programme, as announced earlier this month.

Results for the half are due on 28 November.

At 0915 BST, the shares were down 1.2% at 85.00p.