News blog
Redstone
- BY: Andrew Hore |
- POSTED: 08/09/2009 |
Redstone says that its adjusted EDITDA for the year to March 2009 will be lower than expected.
The information communications and technology business expects the EBITDA to be between £5m and £6m,compared with the previous estimate of £7.5m to £8m.
Redstone sold its telecoms operations to Daisy for £17m. Further disposals are likely in order to reduce borrowings. It may also raise more cash.
Redstone owes speech recognition technology provider Eckoh £2.7m. Redstone acquired Symphony Telecom from Eckoh in June 2006. Redstone should have paid Eckoh £1m by the end of August 2009 but it still has not come up with the money. The two companies are in discussions.
Surprisingly, the shares reacted positively and rose 0.5p to 3.75p each. That values Redstone at £5.43m.
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