Colt takeover rumours 'unfounded' says boss

That's that then

By Tim Richardson • Get more from this author

Posted in Financial News, 21st April 2005 12:05 GMT

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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. ®