Tag: IDE

MSP IDE Group saw year-on-year revenue growth of 20 per cent, it has said in a trading update.

The figure is based on the company’s continuing business only, having undergone a dramatic change recently with the sale of its loss-making networking business to CloudCoCo for £250,000.

Plans to sell off its Connect unit were first announced during the release of the business’ 2020 results and a deal was later confirmed in October. Read more…

 After a few miserable years, IDE Group sees green shoots of recovery as it plans to offload its Connect business.

Revenues of £7.6 million were up from £6.8 million in the equivalent period last year and group profits of £3.6 million were up on £2.5 million. Adjusted EBITDA profit of £2.1 million was a significant improvement on £0.5 million in the first half of 2020.

IDE chairman Andy Parker said that the group has taken advantage of this period to continue to restructure the operational side of the business and has decided to concentrate on the profitable Manage side of the operations.

The sale of Connect was seen as a moment to get the business finally back on track and discussions are advanced to sell the unit. Between 1 January and 30 June 2021, IDE Group Connect with Nimoveri made a combined operating losses of £1.4 million. Read more…

Troubled MSP IDE is seeing the green shoots of recovery with earnings swinging from loss to profit.

For the six-month period ending 30 June, IDE saw revenue drop 32.4 per cent year on year to £14.7 million. EBITDA for continuing operations went from a £7.6 million loss to profit of £1 million.

Executive chairman Andy Parker said: “The first six months of the year has been a period of stabilisation following the upheaval of the restructuring Read more…