Hi
try this user-defined function
it assumes the "red" you are refering to is the standard colour red RGB(255,0,0)
if not, you'll have to tweak it to reflect the colour your are using (there are thousands of variants of "red"!)

Function extract_colour(rng As Range)
Dim FontCol, x As Long, txt As String
FontCol = RGB(255, 0, 0)
txt = ""

For x = 1 To rng.Characters.Count
    If rng.Characters(x, 1).Font.Color = FontCol Then txt = txt & rng.Characters(x, 1).Text
Next x

If Len(txt) > 0 Then ActiveCell.Font.Color = FontCol Else ActiveCell.Font.Color = xlAutomatic
extract_color = txt

End Function

if you are not familiar with user-defined functions, this is what you do:

To copy and use a user-defined formula
press alt+F11 to open the VBA area
select insert > module
copy the code from this website and paste it into the VBA module you just inserted
Return to the spreadheet. You now have a new formula that works like the inbuilt formulas such as =SUM()
In cell B1, type:
=extract_colour(A1)
The formula should copy the red characters