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 £5m and £6m, well below its previous forecast of £7.5m-£8m. Redstone, which recently agreed to sell its telecommunications division to Daisy Group for £17m, said it was exploring ways to further reduce debt. It continues to negotiate the £2.7m loan facility it took on with Eckoh after acquiring Symphony Telecom Holdings from the firm in 2006.