3rd Feb 2017 07:58
LONDON (Alliance News) - Cloud and IT managed services provider CORETX Holdings PLC said Friday its 2016 trading was broadly in line with expectations, having improved in the second half.
CORETX estimated its revenue for the year at GBP43.5 million, with earnings before interest, tax, depreciation and amortisation of around GBP5.9 million.
Second-half revenue and gross margin are expected to be around 9% and 6% ahead of the first half respectively. CORETX also noted an improvement in its cash generation in the second half, moving to a GBP1.1 million credit balance at the end of the year from being net GBP1.5 million overdrawn at the end of June.
"The second half performance was encouraging, rounding off a period of substantial investment and hard work building a fit for purpose mid-market, network, cloud and IT managed services platform that is well positioned to take advantage of opportunities in an increasingly cloud centric market," said Jonathan Watts, non-executive chairman of CORETX.
By Adam Clark; [email protected]
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