Business
Preliminary results announcement FY23
Preliminary results announcement FY23.
About this update from Redcentric Plc
[{"type":"text","content":"\n\nRedcentric plc\nPreliminary results announcement for the year ended 31 March 2023\nRedcentric plc (AIM: RCN) (\"Redcentric\" or the \"Company\"), a leading UK IT managed services provider, today announces its preliminary full year results for the year ended 31 March 2023 (\"FY23\").\nFinancial performance measures\n \n\n\n\n\n\n\nYear ended 31 March 2023\n(\"FY23\")\n\n\nYear ended 31 March 2022 (\"FY22\")\n\n\nChange\n\n\n\n\nTotal revenue\n\n\n£141.7m\n\n\n£93.3m\n\n\n51.8%\n\n\n\n\nRecurring revenue 1\n\n\n£128.5m\n\n\n£83.0m\n\n\n54.8%\n\n\n\n\nRecurring revenue percentage1\n\n\n90.7%\n\n\n88.9%\n\n\n1.8%\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA1\n\n\n£24.5m\n\n\n£23.7m\n\n\n3.3%\n\n\n\n\nAdjusted operating profit1\n\n\n£8.6m\n\n\n£15.9m\n\n\n(45.6%)\n\n\n\n\nReported operating (loss)/profit\n\n\n(£8.9m)\n\n\n£6.6m\n\n\n(235.3%)\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\nAdjusted cash generated from operations1\n\n\n£23.1m\n\n\n£19.3m\n\n\n19.6%\n\n\n\n\nReported cash generated from operations\n\n\n£14.8m\n\n\n£17.2m\n\n\n(13.8%)\n\n\n\n\nNet debt1\n\n\n(£73.0m)\n\n\n(£16.6m)\n\n\n(339.5%)\n\n\n\n\nAdjusted net debt 1\n\n\n(£35.6m)\n\n\n(£1.5m)\n\n\n(2,271.8%)\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\nAdjusted basic earnings per share1\n\n\n2.66p\n\n\n7.68p\n\n\n(65.3%)\n\n\n\n\nReported basic (loss)/earnings per share\n\n\n(5.94p)\n\n\n4.43p\n\n\n(231.4%)\n\n\n\n \nPercentage change calculated on absolute values\n \n1 Certain financial measures that are not defined or recognised under IFRS but are presented to provide readers with additional financial information that is evaluated by management and investors in assessing the performance of the Group.\nThis additional information presented is not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures from other companies. These measures are unaudited and should not be viewed in isolation or as an alternative to those measures that are derived in accordance with IFRS.\nFor an explanation of the alternative performance measures used in this report and reconciliations to their most directly related GAAP measure, please refer to Appendix 1.\nKey financial highlights:\n \n· Total revenue growth of 51.8% to £141.7m (FY22: £93.3m).\n· ...