Redstone fundraises for growth

Integrator secures £2.6m of funding to pursue its aggressive growth plans

Redstone has secured £2.6m of extra funding to fuel its future growth plans.

The firm, which recently claimed it was ready to grow again after a period of restructuring and divestments, will also use the funds to develop its Metropolitan Area Network (MAN) in Portsmouth.

Redstone's latest FY results revealed it narrowed pre-tax losses from £11.1m to £6.6m for the year to 31 March as revenue hit £67.1m.

It is set to hold a general meeting on 9 August.

Ian Smith, chairman of Redstone, said: "The capital raised by this placing will be used to support the continued growth of the revitalised business. I am encouraged by the strong support shown by all our significant institutional shareholders and welcome the new institutions that supported the placing.

"Our pipeline of new business remains strong and the board remains optimistic for the future prospects of the group."