StockMarketWire.com - IT managed services provider Redcentric reported total revenue was down 9% to £43.2m in its half-year results for the six months to end of September 2019.

The company said there was 'good future visibility', with £38.8m recurring revenue representing 90% of total revenue.

Adjusted operating profit was up 23% to £5m in the period, while adjusted EBITDA increased 8% to £8.8m.

Redcentric announced its interim dividend increased to 0.83p per share and will be paid in January.

Non-executive chairman Ian Johnson said: 'Visibility of future revenues remains strong with recurring revenues reaching 90%. New customers were added in the period which, together with effective cross selling, led to quarter-on-quarter revenue growth.

'This revenue growth has been achieved despite the ongoing FCA investigation, which continues to impact the pace at which we win new business.'


At 10:11am: [LON:RCN] Redcentric PLC share price was +6p at 93p



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