MSP Redcentric reported a swing to fiscal 2023 pretax loss as operating expenses more than doubled and declared a flat dividend payout.
The IT managed-services provider said that pretax loss for the year ended March 31 was £12.5 million compared with a profit of £5.5 million in fiscal 2022.
The company reported an operating expenditure increase to £9.9 million from £53.0 million a year ago. Revenue, however, jumped to £141.7 million from £93.3 million.
Adjusted earnings before interest, taxes, depreciation and amortisation–which strips out exceptional and other one-off items–rose 3.3 per cent to £24.5 million.
The company added that it is currently benefiting from recent acquisitions, with revenues growing at a significant pace.
“The integration programs are almost complete and the full effect of these will be seen in fiscal 2025, in addition the business has protected itself against any increase in electricity commodity prices in fiscal 24 and has taken actions to benefit from a favourable energy market beyond,” it added.
