Redcentric PLC

First-pass take

Redcentric is a profitable, recurring-revenue MSP (89.3% of FY25 revenue) with modest operating leverage emerging from fixed-cost base. However, AI exposure is limited to lower-margin VMware partnerships (~£7.2m of £135m revenue; ~5% of total) and Cisco implementations—neither core to strategy. Valuation data absent from results. Downside supported by recurring contracts and public-sector exposure, but FY26 guidance 'broadly flat' and chronic cost inflation pressures limit upside protection.