Latest Azzurri Communications News
Oct 5, 2017
Redcentric is hoping that its new chief executive, Chris Jagusz, will breathe new impetus and integrity to the troubled company after the FY17 accounting scandal delivered an operating loss of £3m (see Redcentric chief executive to resign and work your way back). Having held the reins for two years at Azzurri Communications until its £48.5m acquisition by Maintel in August last year, Jagusz has experience in leading a communications-focussed managed service provider. Though some will note he led Azzurri to a buyout after years of consecutive, though it has to be said shrinking, losses under his tenure. Jagusz’ heritage looks very much telecoms and managed services with previous senior roles at SSE Telecoms, Daisy Group and BT going back to 1988. Though Redcentric sold its network assets to CityFibre in September 2016, it maintains a long term £4.5m dark fibre leasing arrangement to serve its customers fixed line connectivity needs for the foreseeable future, whilst selling mobile voice and data also remains a big part of its integrated managed services play. We wish Jagusz luck – Redcentric’s challenge going forward is engineering a return to profit whilst minimising any reputational damage from ongoing Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) investigations. Redcentric was keen to highlight its new leader’s “track record of delivering growth and business transformation". We can’t help but wonder which of those two is the more immediate priority, but guess we will have a better idea when the company releases its interim results at the end of November.