Good morning!Redcentric (LON:RCN)Share price:89.75p (+3%)No. shares: 148.9mMarket cap: £134mTrading StatementFor my previous (beaish) analysis of Redcentric, see the 23rd Dec SCVR at this link.At the time, I had the impression the company had responded professionally to the discovery of accounting errors including the overstatement of historic profits and understatement of net debt.But I still thought the episode raised such fundamental questions that I would have marked the shares down even lower than they were.Today’s trading statement for the year ending March 2017 says performance was in line with expectations, with “good sales momentum”.There was no evidence of theft in the accounting fiasco, and customers are apparently still happy, so it seems as if the effect of the errors was limited to giving shareholders a false impression of profitability.Net debt reduces to £39.5 million from £42 million, and the banks have played ball: Our lending banks have remained supportive over recent
months and the Company is pleased to announce that amended debt
facilities are now in place. Waivers in relation to historic covenant
breaches have been secured such that the Company is…
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