Deal-hungry Redcentric hires new chairman

Harrogate-based IT firm Redcentric Plc said on Thursday it appointed Nick Bate as independent non-executive chairman of the company, chairman of the nomination committee and a member of the remuneration committee.

The firm said Bate has “strong experience in corporate M&A transactions.”

Redcentric said work continues “in identifying further acquisitions for both scale and capability.”

Redcentric also published results for the six months ended September 30, 2021, showing revenue slipped 4.1% to £44.3 million but is now ahead of pre Covid-19 levels by 3.7% “after adjusting for the EDF contract.”

“Nick is an experienced chairman and non-executive director of a portfolio of companies across the data, communications, software and financial services sectors, and most recently was on the board of directors of Nasstar plc for over 6 years,” said Redcentric.

“Nick has a proven track record in delivering successful growth through the application of his financial, commercial and operational skills and strong experience in corporate M&A transactions.”

Redcentric also announced that, after nearly five years in office, Jon Kempster, non-executive director and chairman of the company’s audit committee, does not intend to stand for re-election at the company’s next annual general meeting in September 2022. 

Redcentric CEO Peter Brotherton said: The business continues to perform well and is trading significantly ahead of the pre-Covid period.

“The strategically important acquisition of Piksel completes our cloud services offering and gives us full access to the highest growing areas of the market.

“After just six weeks, the integration of Piksel is significantly ahead of plan with £0.7m of annualised synergies already realised and confidence in delivering further substantial savings.

The sales pipeline is slowly recovering, and the increasing number of customer interactions is encouraging.

“November 2021 is on target to be the best month for new sales orders this calendar year and we are hopeful that this is indicative of a return to more normalised trading levels.

The company will continue to pursue acquisition opportunities for both scale and capability and the board expects the full year results to be in line with its expectations.”