RedstoneConnect's shares rise on FY pre-tax profit, adj. EBITDA forecasts

Shares in RedstoneConnect are up more than 10% after stating it expects reported pre-tax profit to be about £1.5m, with adjusted EBITDA seen coming in at about £2m.

Chief executive Mark Braund noted RedstoneConnect's progress in the past year.

The company had continued to capitalise on its strong market position and had achieved a number of key milestones in its journey towards developing a more dynamic, robust and predictable business model.

"As innovation in smart buildings gathers pace, our software, managed services and systems integration businesses are all contributing to position RedstoneConnect as a market leader," said Braund in a statement.

"The company's recent large-scale contract wins are testament to this."

He cited the installation of RedstoneConnect's novel in-building cellular solution at the London office campus of one of the world's leading technology firms.

"Our sales pipeline appears strong and, combined with our solid recurring revenue stream, provides support and confidence in the outlook for the company."

At 13:17 GMT, shares in AIM-quoted RedstoneConnect were up 10.17% to 1.62p each.