Business
End of formal sale process
End of formal sale process.
About this update from Redcentric Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0500F\n Redcentric PLC\n 12 November 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \n \n \n \n 12 November 2020\n \n \n Redcentric PLC\n \n \n (\"Redcentric\" or the \"Company\")\n \n \n \n \n \n End of formal sale process \n \n \n \n \n \n On 2 September 2020 the board of directors of Redcentric (the \"Board\") announced that, \n having successfully completed the integration of historical acquisitions and implemented efficiency initiatives across the business, the Company was in an excellent position to actively start to explore the many opportunities open to it to deliver further shareholder value.\n \n \n In light of this confidence in the position of the Company, the Board believed that it was the correct time to ensure that it had explored all options open to it to deliver shareholder value, including continued organic growth and/or evaluating potential acquisitions or the potential sale of the Company.\n \n \n Accordingly, and following media speculation at the time, Redcentric announced the commencement of a formal sale process as part of a broader strategic review.\n \n \n \n \n \n Following that announcement, the Board has held constructive discussions with a significant number of interested parties. However, these discussions did not materialise into any fully funded offers. Redcentric therefore today announces that the Board has decided to terminate the formal sale process with immediate effect. \n \n \n \n \n \n The Company is also today announcing its half year results to 30 September 2020, which show a 7% increase in revenue to £46.2m and a 19% increase in Adjusted EBITDA to £12.3m. Since 31 March 2020, net debt has reduced by £17.5m to £17.0m, reflecting continuing strong adjusted operating cash flow conversion of 105%. Full details are contained in the Company's announcement of its half year results.\n \n \n \n \n \n The Board is focused on building on the existing strong momentum within the business and, as noted in its announcement on 2 September 2020, will continue to evaluate potential options in relation to organic growth and/or potential acquisitions that might be made by the Co...