Redcentric revenue tops £93m amid acquisitions

Harrogate-based IT firm Redcentric plc said its revenue grew 3.2% to £93.3 million in the year to March 31, 2022, and adjusted operating profit edged 2.2% higher to £15.9 million, amid an acquisition spree by the firm.

Five acquisitions were completed during the period, and Redcentric said it will continue to monitor potential targets.

Redcentric CEO Peter Brotherton said: “In the last twelve months we have delivered on the acquisition strategy as outlined in last year’s annual report and accounts.

“During this period, five acquisitions were completed which have transformed the company.

“The Piksel, 7 Elements and Sungard consultancy business acquisitions have all added significant capability in the high market growth areas of hyper-cloud and cyber security.

“The Sungard DC and 4D acquisitions bring considerable additional scale with a clear path to significantly increased scale over the next two years.

“Our focus will now switch to fully integrating the recently acquired businesses and exploiting the meaningful cross-sell opportunities and synergies that these acquisitions bring to Redcentric.

“At the same time, we will continue to monitor potential targets and should a suitable opportunity arise, our solid balance sheet, strong cash generation and access to £66m of undrawn bank facilities will enable us to react swiftly.

“We look forward to capitalising on the very significant opportunities that come with the recent acquisitions and to an exciting future.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.