Redstone narrows losses

Managed services provider Redstone said it almost halved full year pre-tax losses as it continues with its restructuring programme.Loss before taxation narrowed to £6.6m for the year ended 31 March 2011 from £11.1m a year earlier. Redstone reported adjusted EBITDA of £1.1m for the year compared to a loss of £0.5m previously. Commenting on the trading environment the group said, "Economic recovery in the UK remains fragile, with weak consumer confidence and public sector retrenchment providing continued uncertainty across the economy."However Redstone said despite the fragile outlook it remains optimistic for the future prospects. "The current pipeline of contract opportunities is strong, and the business is performing to management expectations in the new financial year to date," it said in a statement.CJ