Troubled networking integrator Redstone has lurched into its latest crisis, taking another hit after posting a full-year operating losses of £49.7m and parting company with its chief exec five months after his appointment.
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Revenues at the company over the 12 months to the end of March 2009 held roughly steady at £197.8m, down from £200.7m year-on-year. Shares in the AIM-listed firm fell over 5% after the announcement this morning.
Chief executive Alan Coppin is also on the move and has left the firm as of today, following three years as non-executive chairman and only five months as chief executive, succeeding Martin Balaam, who left in April.
"Our industry is continuing to cope with difficult market conditions and...Redstone was and continues to be affected by the challenges created by these conditions," said Coppin in a statement.
"The business is likely to experience some market turbulence during the remainder of this year," he added, before by signing off by wishing staff and shareholders "every success for the future".
Earlier in the month, Redstone successfully completed a refinancing programme, securing £6m of additional financing to enable it to revise some of its debt repayment schedules - the firm currently owes £24.3m, up from £20.5m in September 2008.
It has also renegotiated loan arrangements with Barclays into an £18m facility split between a £10m loan and an £8m revolving credit facility, both of which become payable on 30 September 2011.
This came just days after Redstone admitted that it had been the subject of an unsolicited takeover bid.