Redbus reports flagging results

NEWS Redbus Interhouse, the colocation arm of the Redbus Group, has reported financial results that continue to show a sector under pressure. In the nine months up to the end of September the company saw turnover up on the same period last year, but revenue for Q3 2001 was down £40,000 on the previous quarter. Demand for Redbus facilities has fallen and the company expects this to be the case for some time. However, it still plans to go ahead with opening its London III facility towards the end of 2001. Projects in Luxembourg and Munich have been deferred. The company has also dished out £44m over the last nine months, reducing its cash pile from £86.1m at the end of 2000 to £39.7m at the end of September. However, loss before exceptional items for the whole nine months was down 41 per cent on the figure for the equivalent period last year to almost £2.8m. By mid-afternoon the company's share price fell just over two pence to 12.60 pence.