Redcentric lines up COO as new CEO
Fraser Fisher to replace Tony Weaver early November
Managed services outfit Redcentric has confirmed operations chief Fraser Fisher is to jump into the CEO chair in the not-too-distant future.
In a statement to the City, the AIM-listed firm its revealed succession plans with current head Tony Weaver to step down on 9 November when interim results are filed.
Weaver is to remain as a non-exec director but will likely spend more time scouting future acquisitions with MXC Capital partner Ian Smith, specifically in software and FinTech.
Fraser was MD at Redstone, which spun out its managed service division and merged with the managed services business of Maxima to form Redcentric in February 2013.
Those acquisitions helped Redcentric turn over £94.3m in the year ended 31 March 2015, up 62 per cent and profit swelled to £8m versus £1.8m in the prior year period.
In a sales update today, the Harrogate headquartered operation said trade was in line with market expectations of £110.3m in revenues and EBITDA of £25.7m.
A continued bounce in organic recurring revenues for the past six months was also confirmed.
The Calyx integration is on track, Redcentric added with a “full contribution in the second half” of the current fiscal expected. ®