RedstoneConnect 'pleased' with progress in first half

Smart building and commercial space technology and services provider RedstoneConnect updated the market on its trading for the six months to 31 July on Friday, saying it was “pleased” with the progress made across the business in the first half, with trading in line with management expectations.

The AIM-traded firm said its software applications division continued to gain market traction, as demonstrated by the contract wins secured in the period, which the board said had helped to deliver “solid growth” for the division in the period.

“In addition, the Company has commenced the global roll out of OneSpace, its real estate management software platform, across UBM's offices following the extension of its existing contract in the period,” the board said in its statement.

“The company's managed services business has also had an encouraging start to the year.”

It said the Redstone business was seeing “strong levels” of customer engagement with a “good pipeline” of new projects.

Given the project-based nature of the work for Redstone, the board said the contribution of revenue from that division would be more second-half weighted than last year.

The acquisition of Anders + Kern UL, completed in May, was now fully integrated into the company and had provided RedstoneConnect with “excellent” complementary skill sets, the board added.

It had reportedly already made a positive contribution to the company.

“We are pleased with the progress made across our business in the first half especially in the development and deployment of our software solutions services, with trading in line with management expectations,” said CEO Mark Braund.

“Whilst we anticipate our performance to be largely second half weighted this year, given our pipeline of work, new business momentum and strong order book, coupled with the additional services that we have added to our offering through the acquisition of A+K, we remain confident for the full year.”

RedstoneConnect said it would be announcing its interim results for the period to 31 July on 10t October.