IDE Group Holdings PLC – IDE – Half-year Report

IDE Group Holdings PLC – IDE – Half-year Report

IDE Group Holdings plc, the mid-market network, cloud and IT managed services provider, today announces its unaudited results for the six months ended 30 June 2020.

 

Summary

 

·      Increased reliance on mobile working and the need to facilitate customers’ staff working remotely, alongside increased demand for lifecycle services offset reduction in field, site and procurement as a result of the COVID-19 pandemic

·      Business continuity plans successfully implemented and remote working facilitated across the business in response to the COVID-19 pandemic

·      Revenue of £12.4 million (H1 2019: £14.7 million)

·      Gross profit of £3.1 million (H1 2019: £3.6 million) representing an improved margin of 24.7% (H1 2019: 24.4%)

·      Adjusted EBITDA* of £0.4 million (H1 2019: £1.2 million)

·      Net debt** as at 30 June 2020 of £15.5 million, including gross cash of £0.5 million (31 December 2019: £15.0 million)

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

** excluding IFRS 16 liabilities

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