RedstoneConnect continues trajectory of 'substantial' progress

Smart buildings and commercial spaces technology and services provider RedstoneConnect was holding its annual general meeting on Monday, where non-executive chairman Frank Beechinor told investors that 2016 was a year of “substantial progress” as the company completed a restructure and set out a new strategy.

The AIM-traded firm managed to see the momentum achieved in the prior year continue into the current year as well, Beechinor added.

“The company has also made excellent progress against all of its strategic priorities including targeting selective acquisitions which complement our existing products and services,” Beechinor said.

“Following two bolt-on acquisitions in 2016, Connect IB and Commensus, in May 2017 we acquired Anders + Kern, a meeting room management and audio visual integrator.”

Alongside the Anders + Kern transaction, the company successfully raised £6.5m, which Beechinor said part-funded the acquisition as well as strengthened the group's balance sheet.

That enabled it to accelerate the development of OneSpace - its occupancy management software solution.

“Looking forward, we believe we are well-placed to accelerate the implementation of our strategy to focus on developing and growing RedstoneConnect's annuity revenue streams across the group, as well as continuing to build on the company's established presence in the high growth Smart Buildings and Smart Technologies arena.”