Business
Half-year Report
Half-year Report.
About this update from Redcentric Plc
[{"type":"text","content":"\n \nRNS Number : 1417I Redcentric PLC 22 November 2018 \n\n22 November 2018\n \n \nRedcentric plc\nHalf year results for the six months ended 30 September 2018 (unaudited)\nRedcentric plc (\"Redcentric\" or \"the Company\") (AIM: RCN), a leading UK IT managed services provider, today announces its unaudited interim results for the six months to 30 September 2018.\n \n\n\n\n\nKey financial measures \n\n\nSix months to 30 Sept 2018\n\n\nSix months to 30 Sept 2017\n\n\nChange £m \n\n\nChange %\n\n\n\n\nRevenue (£m) \n\n\n47.5\n\n\n51.4\n\n\n(3.9)\n\n\n(7.6)%\n\n\n\n\nRecurring monthly revenue (RMR) (£m)\n\n\n41.3\n\n\n44.6\n\n\n(3.3)\n\n\n(7.4)%\n\n\n\n\nAdjusted EBITDA (£m)1\n\n\n8.1\n\n\n9.1\n\n\n(1.0)\n\n\n(11.0)%\n\n\n\n\nGross profit (£m)\n\n\n28.4\n\n\n30.5\n\n\n(2.1)\n\n\n(7.0)%\n\n\n\n\nGross margin (%)\n\n\n59.8%\n\n\n59.4%\n\n\n4 bps\n\n\nn/a\n\n\n\n\nAdjusted basic EPS (p)2\n\n\n1.89p\n\n\n2.47p\n\n\n(0.58)p\n\n\n(23.5)%\n\n\n\n\nAdjusted operating cash flow (£m)3\n\n\n9.2\n\n\n11.4\n\n\n(2.2)\n\n\n(19.3)%\n\n\n\n\nNet debt (£m)4\n\n\n22.6\n\n\n33.3\n\n\n(10.7)\n\n\n(32.1)%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nStatutory results\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nOperating profit (£m)\n\n\n0.5\n\n\n0.5\n\n\n0.0\n\n\n0.0%\n\n\n\n\nLoss before tax (£m) \n\n\n(0.1)\n\n\n(0.0)\n\n\n(0.1)\n\n\nn/a\n\n\n\n\nCash generated from operations (£m)\n\n\n8.8\n\n\n10.5\n\n\n(1.7)\n\n\n(16.2)%\n\n\n\n\nBasic EPS (p) \n\n\n(0.38)p\n\n\n(0.04)p\n\n\n(0.34)p\n\n\nn/a\n\n\n\n\n \n1Adjusted EBITDA refers to underlying operating profit before depreciation, amortisation, non-recurring costs and share based payments.\n2Adjusted basic earnings per share excludes amortisation of acquired intangibles, non-recurring items and share-based payments and replaces the reported tax credit with a notional tax charge at the full rate of corporation tax.\n3Adjusted operating cash flow is before non-recurring items.\n4Net debt is the sum of cash less bank loans and overdrafts and other financial liabilities. \n \nFinancial Highlights\n· Recurring revenue maintained at 87% of total revenue.\n· Continued strong cash flows with £9.2m of adjusted operating cash flow in the period (114% cash conversion).\n·&n...