Contract Extension

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014

17 October 2016

RedstoneConnect Plc

("RedstoneConnect" or the "Group")

£8.4 million contract extension with leading financial institution

RedstoneConnect (AIM: REDS), a leading provider of technology and services for smart buildings and commercial spaces, is pleased to announce it has been awarded a three-year contract extension to an existing managed services contract, valued at £2.8 million per annum.

The contract for one of the world's largest financial institutions, which has been a long standing client of the Group's, will see RedstoneConnect provide IT infrastructure management services across a number of campus buildings in support of over 17,000 UK-based employees, nearly 25,000 desktop assets and an average of 10,000 desktop moves every year.

Mark Braund, CEO of RedstoneConnect, commented: 

"We are delighted to have extended our remit with this important client and believe our ability to constantly innovate our service delivery lies at the heart of our high customer retention rates.

"This contract extension further reinforces our continued progress in evolving the Group's financial model to a more annuity-based revenue stream from both our existing customer base as well as from new clients."

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About RedstoneConnect Plc

RedstoneConnect is focused on technologies that make real estate more efficient and businesses more effective. Its businesses, Redstone and Connect IB, provide the infrastructure capabilities and the software applications to deliver smart building and smart workspace solutions for commercial businesses, public sector organisations, real estate owners and managers.