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Redstone cuts earnings forecasts

IT and communications firm Redstone yesterday cut its earnings forecasts for the year as it admitted talks with Eckoh Technologies regarding a loan facility had not yet been successful. The firm now expects adjusted earnings before interest, tax, depreciation and amortisation of between &pound;5m and &pound;6m, well below its previous forecast of &pound;7.5m-&pound;8m. Redstone, which recently agreed to sell its telecommunications division to Daisy Group for &pound;17m, said it was exploring ways to further reduce debt. It continues to negotiate the &pound;2.7m loan facility it took on with Eckoh after acquiring Symphony Telecom Holdings from the firm in 2006.<br />