Redstone has released un-audited Interim results for the six months ended 30 September 2007 showing revenues up by 104% to £96.6m (H1 FY07: £47.4m) and gross profit up by 112% to £37.1m (H1 FY07: £17.5m ).
Martin Balaam, Chief Executive Officer, Redstone, commented, “Over the last two years Redstone has transformed itself from a niche SME focused telecoms company into a leading provider of Integrated IT and Communications Solutions in the UK and Ireland at the SME and corporate levels. With a healthy pipeline of new contracts, a high proportion of recurring revenue and key partnerships in place, we believe the outlook for the Group is extremely positive. The Board is confident that Redstone will continue to deliver organic growth in the future, whilst remaining committed to its strategy of further acquisitions during the current climate of convergence and consolidation amongst sector players.”
He continued, “I am very pleased to report that Redstone has continued to deliver substantial growth, both organically and through acquisition, for the six months ended 30 September 2007. Underlying organic revenue growth from continuing operations was over 10% for the period. The acquisitions completed at the end of FY07 of Comunica and IDN have been integrated during the period. They have brought significant operational efficiencies, whilst substantially increasing the scale and capacity of Redstone. This additional delivery capability has already enabled the Company to win substantial contracts, such as the £13m White City retail centre contract, and the support contract with JP Morgan, worth up to £13.4m over the next 5 years.“