Redstone announces preliminary results for the 12 months ended 31 March 2009

Monday 28 September 2009

Redstone plc (AIM:RED.L) Redstone plc, the integrated ICT and Communications Solutions provider, today announces its financial results for the 12 months ended 31 March 2009.

FINANCIAL SUMMARY

• Revenues steady at £197.8 million (2008: £200.7 million)
• Gross profit margin 34.6% (2008: 38.9%))
• Adjusted EBITDA* £5.0 million (2008: £14.1 million)
• Operating loss of £49.7 million including a £43.8 million impairment of intangibles charge (2008: operating profit of £3.2 million))
• Diluted loss per share of 37.73p (2008: profit 2.21p)
• Diluted adjusted EBITDA* per share of 3.44p (2008: 9.62p)
• Year end net debt of £24.3m (2008: £20.5m)

OPERATIONAL SUMMARY

• Awarded the Birmingham BSF contract with projected revenue of approximately £150 million over next 10-15 years.
• Secured £6 million of additional debt funding through the issue of a convertible loan note to SVG Investment Managers Limited and Gartmore Investment Limited. (right to conversion is subject to shareholder approval).
• Revised Facility signed with Barclays Bank until 2011.
• Sale of Redstone Telecom/Mobile post year end for £17 million.
• Stephen Yapp appointed to Board of Directors.

Read the full RNS announcement.

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