RedstoneConnect issues business update

RedstoneConnect said trading has continued to be strong in H2 of the current financial year and consequently directors now expect Adjusted EBITDA for the year to be at the upper end of market expectations.

Adjusted EBITDA market expectations for the year ending 31 January 2017 are between £1.5 million to £1.8 million.

The Company is also pleased to report that Commensus, a leading provider of fully managed IT support services, which was acquired in November 2016, is now fully integrated.

Commensus has already won three important new customers since its acquisition and will be earnings enhancing in its first full year of ownership.

CEO Mark Braund commented:

"We are delighted to report excellent progress across the Group with significant momentum continuing in the second half.

"We have secured a number of new business mandates within our infrastructure and managed IT services division and continue to deliver high quality contracts through our software solutions for smart buildings.

"The Board is confident that this will, in time, transform the future earnings potential of the Company.

"We now have a well-structured and cost efficient operational base and a substantial new business pipeline. The board therefore looks forward to the future with great confidence."