Colt takeover rumours 'unfounded' says boss

That's that then

Colt Telecom dismissed speculation about its future as "unfounded rumours" as it unveiled its first quarter numbers today.

Unveiling the figures, Chief exec Jean-Yves Charlier was quizzed about whether the alternative telco had been approached by potential bidders to buy-out the company, following a report two weeks ago that Danish telco TDC was sniffing around Colt. A spokesman confirmed Charlier rubbished the rumours, describing them as "unfouded".

Charlier's dismissal of the takeover rumours came as the telco reported that pre-tax losses had swelled from £21.7m in Q1 2004 to £30.5m in the first three months of the year.

At the same time turnover was up a smidgen from £302.9m to £307m.

As part of plans to keep a lid on costs a further 71 jobs have been created in India with a corresponding loss of around 46 jobs in Europe.

In a statement Colt chairman Barry Bateman said the company maintained revenues against a backdrop of "continuing tough markets".

By lunch shares in Colt were up 2.5p (5 per cent) at 51.75p. ®

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