Harrogate-based IT firm Redcentric plc said CEO Peter Brotherton has announced that he will retire and step down “as soon as a suitable successor is appointed.”

Brotherton said all of the “historical issues” at the firm have been “overcome.”

The news came as Redcentric said its reported loss before tax was reduced by £7.8 million to £4.7 million in the year ended March 31, 2024.

The firm reported revenue growth of 15.2% to £163.2 million for the year.

Total dividend will be maintained at 3.6p per share.

Brotherton said: “FY24 was a very productive year with all the original integration programmes completed, generating cost savings either in line or slightly ahead of our expectations.

“The electricity conservation measures are now yielding very significant volume savings, which combined with secured lower electricity prices from 1 April 2024, are expected to reduce electricity costs by £8.1m in FY25.

“The focus for FY25 will be to drive organic revenue, profit and cash flow growth by cross selling the broadened product and solution portfolio into the enlarged customer base, whilst also capitalising on the structural opportunities presented by AI related demand and the recently awarded VMware Pinnacle partnership agreement

“The business is now in a very different place to when I joined in November 2016.

“All of the historical issues have been overcome and the acquisitions undertaken in FY22 and FY23 have significantly increased the scale and capability of the business. 

“Revenues and profits for FY25 are on course to be double what they were pre the acquisitions and solid foundations are now in place for sustainable and profitable growth. 

“I would like to thank my colleagues on the Operating Board and all Redcentric’s employees for their dedication, help and support during my tenure.”