05 October 2017
Redcentric plc
("Redcentric" or the "Company")
Appointment of Chief Executive Officer and trading update
Redcentric plc (AIM: RCN), a leading UK IT managed services provider, is pleased to announce the appointment of Chris Jagusz as Chief Executive Officer, who will commence on 16 October 2017, and to provide an update on trading for the six months ended 30 September 2017.
Appointment of Chief Executive Officer
The Company is delighted to announce the appointment of Chris Jagusz as Chief Executive Officer. Chris has over twenty-five years of experience in the telecoms and managed services industry, during which time he has built a track record of delivering growth and business transformation.
Chris has enjoyed a mix of both executive and consultancy roles through his career. From September 2014 to August 2016, Chris was Chief Executive of Azzurri Communications. During this period he led the transformation of the business, refocusing on growth markets and driving margin and efficiency improvements prior to its sale.
Prior to this role, from July 2012 to September 2014, Chris was Managing Director of SSE Telecoms. During this period, he drove the investment in advanced networks and products which served as the foundation for its growth in commercial markets. Other executive roles in the telecoms and managed services industry include Managing Director at Daisy Group plc (February 2010 - August 2011) and a number of senior management roles at BT (1988 to 2006).
Trading update
Trading for the six months to 30 September has been in line with management expectations. The Company has continued to focus on delivering reliable services for its clients while improving the operations of the business. In particular, good progress has been made with reducing the net debt position to £33.3 million, which is ahead of management's expectations. This is due to strong operating cash flows reflecting improved trade debtor collections and working capital management.
The Company will report its interim results on 29 November 2017.
Chris Cole, Chairman, commented:
"We are delighted to be able to announce the appointment of Chris as Chief Executive. He has an outstanding track record both in telecoms and as a business leader. The Board are confident he is the right person to take Redcentric forward."
Additional information:
The following information is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:
Full name: Christopher Jagusz
Age: 52 years
Current directorships: Sun Hill Advisory Limited and Fluidone Limited.
Previous directorships held in the past five years: Arrow Business Communications Group Limited, Arrow Business Communications Holdings Limited, Atlasconnect Limited, Azzurri Capital Limited, Azzurri Communications Limited, Azzurri Holdings Limited, Azzurri Scotland Limited, Azzurri Trustees Limited, Neos Integration Limited, Neos Networks Limited, SSE Telecommunications Limited, Sun Hill Consulting Limited, Warden Holdco Limited and Warden Midco Limited.
Christopher Jaqusz was a Director of Belle Holdco Limited, Belle Bidco Limited, Empire Realisations (1) Limited (formerly Eurotel Holdings Limited), Empire Realisations (2) Limited (formerly Neville Ward Holdings Limited), Empire Realisations (3) Limited (formerly Northpoint Services Limited), Empire Realisations (4) Limited (formerly Eurotel Holdings Limited), Empire Realisations (5) Limited (formerly Allington Communications Limited), Empire Realisations (6) Limited (formerly Service Direct Limited), Empire Realisations (7) Limited (formerly Advance Telephone Systems Limited), Empire Realisations (8) Limited (formerly Eurotel Corporate Services Limited), Empire Realisations (9) Limited (formerly Digital Exchange Maintenance Services Limited) and Multilink Business Communications Limited until 31 December 2008 and these companies were put into administration on 3 August 2009.
Enquiries:
Redcentric plc |
Via Tulchan Communications |
Chris Cole, Chairman |
Peter Brotherton, Chief Financial Officer |
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Numis Securities - NOMAD & Joint Broker |
+44 (0) 20 7260 1000 |
Simon Willis / Oliver Hardy / Ben Stoop |
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finnCap Ltd - Joint Broker |
+44 (0) 20 7220 0500 |
Stuart Andrews / Rhys Williams |
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Tulchan Communications |
+44 (0) 207 353 4200 |
James Macey White / Matt Low |
