Redcentric Plc announced a final dividend of 2.4p, that was declared in August 2024 when they released the final results, and will be paid on 24 January 2025 to shareholders on the register at the close of business on 13 December 2024, with the shares going ex-dividend on 12 December 2024.
With these results, they have announced the intention to pay an interim dividend payment of 1.2p per share. This will be paid on 25 April 2025 to shareholders on the register at the close of business on 14 March 2025, with the shares going ex-dividend on 13 March 2025. The last date for dividend reinvestment plan (DRIP) elections is 28 March 2025.
Other financial highlights include:
Total revenue grew by 5.8% to £86.8m (H1 FY24: £82.0m) with recurring revenue of £78.3m (H1 FY24: £74.8m), reflecting the impact of the VMware market positioning following selection as a Pinnacle partner by Broadcom, coupled with core business organic growth.
Recurring revenue remains at solid at 90.2% (H1 FY24: 91.2%) of total revenue, reflecting core stability and stronger growth in one-off sales in H1 FY25.
Restated gross profit increased by £5.4m (12.0%) to £50.6m (H1 FY24: £45.2m) benefitting from reduced electricity cost comparable.
Adjusted EBITDA at £18.2m (H1 FY24: £14.5m) and adjusted EBITDA margins were strong reflecting higher revenue and lower energy costs, partially offset by increases in operating costs related to inflationary pressures on core IT platforms and increased regulatory costs.
Reported operating profit increased to £6.4m (H1 FY24: £2.0m) as a result of the above factors, coupled with a reduction in exceptional costs - H1 FY24 contained significant investment and integration activity, benefitting the Group now and going forward.
Reported profit/loss before tax increased by £4.3m to a profit of £3.6m (H1 FY24: loss of £0.7m).
Net debt has decreased by £5.7m since 31 March 2024 to £66.6m (31 March 2024: £72.4m), reflecting the improved trading performance and its impact on cash generation.
Excluding leases previously classified as operating leases under IAS17, net debt was £39.9m (31 March 2024: £42.0m).
