RedstoneConnect to build £5.5m network for one of UK's 'most technologically advanced' buildings

News of contract win with unnamed financial services firms sends VAR's shares soaring

VAR RedstoneConnect's share price has surged on news of a £5.5m contract win.

The smart buildings specialist is helping to kit out what it says is expected to be "one of the most technologically advanced" buildings in the UK.

Its task is to connect over 45,000 data points across a network housed within an unnamed financial services firm's new flagship London office.

The AIM-listed outfit's shares surged by up to eight per cent this morning on news of the win, its largest for over a year.

RedstoneConnect, which rebranded from Coms last summer in a bid to escape its chequered past, returned to profit in its fiscal 2017, with revenues up 3.5 per cent to £41.5m for the 12 months ending 31 January 2017. It said its latest contract win is set to generate income in both its current financial year and fiscal 2019.

Mark Braund, CEO of RedstoneConnect, said: "This is a great win for RedstoneConnect and is our largest contract since we undertook the UBS installation in 2016. Having worked alongside the Client for a number of years, we are delighted to be contributing to what we believe will be one of the most technically advanced buildings in the UK.

"Given our track record and technical expertise in the field of smart technology, we hope to further support this highly prestigious client as they both evaluate and install additional infrastructure on this groundbreaking project."