VAR Redstone has claimed it ended its fiscal 2007 as a “substantial mid-market ICT player” as it registered a massive 56 per cent hike in turnover.
Turnover for its fiscal year to 31 March hit £113m, up from £72.5m a year earlier. After-tax profits came in at £0.1m, comparing favourably to a £22.5m loss in 2006.
The 12-month period saw Alternative Investment Market-listed Redstone acquire four rivals: Comunica; Symphony Telecom; IDN; and the Tolerant group of companies.
The VAR has also recently bagged its largest ever contract win - a Lancashire Building Schools for the Future (BSF) project worth up to £16m.
Martin Balaam, chief executive at Redston, said: “This has been another very good year for Redstone, continuing the transformation of the business that began last year.
“I am delighted at the progress the Group has made, particularly with it now being able to offer a full “across the board” IT and Communications Solutions which include the newly acquired mobile offering, and having the capacity to win and deliver multi-million pound, multi-year infrastructure projects.
“In 2007, the Board wish to see growth within the business. With the corporate activity of the last financial year completed Redstone has been transformed into a substantial mid-market ICT player which is well positioned to take advantage of the convergence taking place in the sector.”
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