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Redcentric cuts debt in H1 following restructuring

By BFN News | 09:00 AM | Thursday 15 October, 2020

IT services provider Redcentric has paid down debt and expects to report trading 'slightly ahead' of expectations, it said this morning. The company reported that its net debt position at the end of the first half of its financial year (30 Sep) was £1.1 million, down from £13.5 million on 31 March. This was driven by 'continuing strong cash collections' as well as the proceeds of an equity placing earlier this year. Following the completion of a restructuring programme, Redcentric said it expected to benefit from 'slightly increased annualised cost savings'. The company will announce its results for the half year ended 30 September 2020 on 17 November. At 9:00am: (LON:RCN) Redcentric PLC share price was +4.5p at 134p Story provided by

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