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Shares in Kingston Communications were up more than 5 per cent to 122p at noon after it reported a £10.52 million loss compared to a profit of £6.34 million last year.

Turnover for the year ended 31 March increased 26 per cent from £184 million to £232 million.

Despite describing it prelims as a "strong set of results reflecting a year of solid achievements by the Kingston Group" the telco has decided not to pay a dividend this year.

Capital expenditure rose from £73.4 million to £162 million last but the company claims that its major infrastructure investment is now complete.

Elsewhere, it said it would have the opportunity to increase its market reach once the "regulatory and competitive environment surrounding local loop unbundling is clarified".

It is also about to launch a business DSL service in Leeds, Nottingham and Hull.

Outlining the company's strategy, Kingston Communications' CE, Steve Maine, said: "Our goal is to become a UK-wide communications company. Our strategy is built upon delivering broadband services and solutions...with a focus on small, medium and large enterprises." ®

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