LONDON (Alliance News) - Data centre and IT infrastructure company Redstone PLC Wednesday said losses widened and revenues shrank in its last financial year after it demerged and listed its network based managed services buisness, but margins rose in the rest of the business and it achieved contract wins and renewals above GBP17 million.
The company, which mainly serves the financial services industry, reported a pretax loss of GBP3.8 million for the 12 months to end-March, compared with a GBP1.3 million loss a year earlier, as revenues fell to GBP32.1 million, from GBP40.96 million.
However, gross margins for its remaining operations rose to 54.9%, from 47.8%.
"The business is now lean and fit for purpose and is trading in line with market expectations with a healthy pipeline of opportunities," Chief Executive Ian Smith said in a statement. He added that the company is now better placed to "participate in anticipated consolidation within the market sector."
The company's shares were down 2.9% at 0.85 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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