TIDMIDE

RNS Number : 4521N

IDE Group Holdings PLC

01 February 2021

IDE Group Holdings Plc

("IDE", the "Group" or the "Company")

Trading Update

IDE Group Holdings plc, the mid-market network, cloud and IT managed services provider, provides a trading update for the year ended 31 December 2020. As indicated at the time of the Group's interim results in September, revenue and EBITDA in the second half of the year were slightly down on the first half, and IDE expects to report revenue of GBP23.6 million (FY19: GBP28.2 million) and Adjusted EBITDA* of approximately GBP0.5 million (FY19: GBP1.1 million) for the year ended 31 December 2020.

During the year ended 31 December 2020 the Group underwent a programme of cost rationalisation which included further redundancies to reflect the decrease in certain service lines as a result of the COVID-19 pandemic, as well as the ongoing data centre consolidation exercise, the benefits of which are expected to fall in the current year. The Directors continue to monitor the Group's cost base and anticipate further savings to be made in the coming months given the ongoing level of churn in certain service lines, in particular cloud and networks.

In January the Group was pleased to announce the signature of a significant new contract with an existing customer within its partnership channel under which the partner has committed to procure services from IDE to a value of GBP22.5 million over the next three years, with the opportunity to extend for up to another two years if the commitment is not met (the "Contract"). There has already been a good level of engagement with the partner with a pleasing level of underlying contracts already awarded under the Contract.

* before net finance costs, tax, depreciation, impairment charges, amortisation, exceptional items and share based payment charges

 
 IDE Group Holdings Plc                      Tel: +44 (0)344 
  Andy Parker, Non-Executive Chairman         874 1000 
 finnCap Limited                             Tel: +44 (0)20 7220 
  Nominated Adviser and Broker                0500 
  Corporate finance: Jonny Franklin-Adams/ 
  Charlie Beeson 
  ECM: Tim Redfern/ Richard Chambers

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTDKKBNCBKKFDN

(END) Dow Jones Newswires

February 01, 2021 02:00 ET (07:00 GMT)

Tialis Essential It (LSE:TIA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024 Click aqui para mais gráficos Tialis Essential It.
Tialis Essential It (LSE:TIA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024 Click aqui para mais gráficos Tialis Essential It.