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Redcentric Names Chris Jagusz CEO, Says H1 Trading In Line With View; Stock Up

Shares of Redcentric plc (RCN.L) were gaining around 3 percent in the morning trading in London after the UK IT managed services provider announced Thursday the appointment of Chris Jagusz as Chief Executive Officer. The company also said its trading for the six months to September 30 has been in line with management expectations.

Jagusz succeeds Fraser Fisher, who in early August gave notice of his resignation as Chief Executive Officer to pursue other business interests.

The new CEO, Jagusz, will commence on October 16. He 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.

From September 2014 to August 2016, Jagusz was Chief Executive of Azzurri Communications. Prior to this role, from July 2012 to September 2014, he was Managing Director of SSE Telecoms.

Regarding its first-half trading, the company noted that it 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 pounds, 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 November 29.

In London, Redcentric shares were trading at 81.25 pence, up 2.85 percent.

by RTT Staff Writer

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