dim4ik69 - Fotolia
RedstoneConnect has delivered a set of full year numbers that underline just how well its managed services and smart cities strategy is paying off.
The firm has reported post tax profits of £2.1m, which were in contrast to a £2.2m in Fy16. Revenues up by 3.5% to £41.5m and gross profits by 33% has climbed to £9.2m.
Last summer the COMS Group rebranded as RedstoneConnect with a mission to grow its smart cities business and has been able to react to the growing demand from customers to get help with managing a flexible workforce.
The firm is able to show firms how their office space is being utlisied to make sure that staff are making the best use of the space. The results can be energy savings and a better use of expensive square footage as well as happier employees.
The ability to deliver those services was cemented during the last year with the acquisitions of Connect IB and Commensus, adding software IP and services.
Over the past financial year the firm has also been able to renew all of the significant managed service contracts that came up for renewal on three to five year terms.
The financial update also revealed that there was a "strong order book and new business pipeline" from both existing and new customers.
“RedstoneConnect has made significant progress this year having completed the restructuring of the business, acquiring and fully integrating both Connect IB and Commensus, whilst achieving positive momentum against all of our strategic priorities, in particular the building-out of our software offering and improving our business mix towards higher-margin recurring revenues," said Mark Braund, CEO of RedstoneConnect.
"Looking forward, the Group is well-placed to capitalise on the demand for Smart Building solutions, with our OneSpace product generating significant interest from both new and existing customers," he added.