RedstoneConnect* - Update supports PBT growth forecast of 78%
RedstoneConnect (Redstone) has released an in-line trading statement for the six months ending July 2017 and remains confident for the full year based upon the pipeline of work, order book and the successful integration of Anders + Kern. While the trading will be second half weighted, we are leaving our forecasts unchanged and expect a full year adjusted PBT of £2.2m representing growth of 78% and for Redstone to report a net cash position of £4.8m by January 2018. Trading on a PE rating of 13x and 9x for the years ending January 2018 and 2019 our price target remains at 250p and we reiterate our buy recommendation.*Whitman Howard acts as joint broker to RedstoneConnect
RedstoneConnect Plc, formerly Coms Plc, is engaged in providing technology and services for smart buildings and commercial spaces through its core businesses, Redstone and Connect IB. The Company, through Redstone, provides a range of services, including design, build and installation; managed services, and software solutions. The managed services encompasses the provision of outsourcing services spanning network infrastructure management, smart buildings support services, desktop and data center support services and move, add and change services. Redstone offers OneSpace occupancy management product. The Company, through Connect IB, creates digital solutions. Connect IB develops and deploys applications, including those that address mapping and way finding of Smart Buildings and Smart Spaces, such as car parks or retail shopping centers. It serves customers of all sizes, including corporations, such as property developers, landlords and principal occupiers of commercial property.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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