- IT managed services provider Redcentric booked a deeper annual loss as its sales slipped.

Pre-tax losses for the year through March amounted to £1.4m, compared to losses of £0.5m on-year.

Revenue fell 6.7% to £93.3m.

The company declared a final dividend of 1.0p per share, resulting in a total dividend for the year of 1.4p.

'We have made organisational and structural changes to best position the business for the future whilst at the same time progressing through historical issues that the business has faced,' chief executive Peter Brotherton said.

'The second half of the year has seen success in the public sector with total contracts signed to date of £17m.'

'Additionally we have realised annualised cost savings of £5m.'

'Our cash performance continues to be excellent and this, combined with our overall confidence in the future of the group, has allowed us to announce an improved dividend policy and seek authority to commence a share buyback programme.'

At 8:25am: [LON:RCN] Redcentric PLC share price was -0.7p at 79.5p

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