Feeds

Jobs axe falls at Colt

800 heads roll

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

Colt Telecom has confirmed massive job cuts amid the continuing slump in the telecoms industry.

Over the next year some 800 people will find themselves out on the street as Colt makes savings of £40m.

Although the job cuts are a massive blow for those who work at the company, it's not as bad as first thought. Insiders had claimed that as many as 1,000 jobs were facing the chop as Colt tries to gets to grips with its finances.

In a statement today Colt wittered on about moving to a "pan-European organisational structure" which will lead to "improved pan-European sales and operating efficiencies".

Colt said that it expects EBITDA (earnings before interest, etc) for the quarter ending 30 September to improve to around £17m, compared with £14.7m for the previous quarter. Turnover for Q2 is expected to remain flat at around £258.3m.

Said the company in a statement: "Given the recent downturn in the telecommunications industry and in the overall economic environment that it is prudent to take further action to ensure that its asset base remains aligned with the realities of the market." ®

Related Story

Colt to shed 1,000 jobs?

The Essential Guide to IT Transformation

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.