RedstoneConnect wins 3-year contract extension

RedstoneConnect has won a three-year contract extension to an existing managed services contract for one of the world's largest financial institutions, valued at £2.8m a year.

"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," said chief executive Mark Braund.

The contract would see RedstoneConnect provide IT infrastructure management services across a number of campus buildings in support of more than 17,000 UK-based employees, nearly 25,000 desktop assets and an average of 10,000 desktop moves every year.

At 12:23 BST, shares in RedstoneConnect were up 1.67% to 1.52p.