Redcentric has managed to put its “challenging year” behind it after hitting revised financial targets with revenue of over £100 million
The MSP was the subject of audits and investigations after the discovery of accounting errors revealed it had overstated net assets and profit by over £20 million.
A statement was released last month claiming Redcentric had however managed to hit its trading targets, and a further statement to the London Stock Exchange today revealed revenue of £104.6 million for the year ending 2017.
Among this revenue was £90 million from clients who “remained loyal”, while key wins have brought in contracts worth over £19.4 million from the new clients.
Chris Cole, chairman of Redcentric, said that during this challenging period for the company but clients and employees have remained loyal and focused, thus ensuring the day-to-day externally facing business operations have continued satisfactorily.
The financial structure and personnel have been reinforced and changed to provide resilient and accurate reporting. The company was looking forward to the business operating normally and trading well in markets that provide opportunities for growth.
Redcentric has appointed a new chief financial officer and new auditors have been in place since last month. It has also implemented more robust internal controls and is in the process of scrapping multiple legacy back-office systems for a new Microsoft platform.
