Redcentric cuts net debt following CEO departure
IT managed services provider Redcentric traded in line with management expectations in its last trading year, cutting net debt by more than expected.
While providing no figures, Redcentric told investors on Monday that its trading results for the year ended 31 March were "in line with the board's expectations".
The AIM-listed outfit revealed that net debt at the end of the year was £17.6m, was ahead of the board's expectations and a reduction of £10.1m year-on-year.
Back in October, Redcentric reported that trading had been in line with expectations throughout the first half of the trading year but chief executive Chris Jagusz opted to resign six weeks later as the "disappointing" results did reveal a fall in half-year revenues.
Redcentric will post its fully audited annual results on 25 June.
As of 1020 BST, Redcentric shares had slipped 1.83% to 76.18p.