Colt ups revs, narrows losses
Life as a telco still a challenge
Colt - the UK-based telecoms group that provides communications services to businesses - has managed to post slightly improved numbers.
Turnover for the three months to the end of June was up 4.5 per cent to £316.7m compared to the same period last year.
At the same time Q2 pre-tax loss fell from £28m to £26m.
Part of that narrowing loss is down to Colt's ongoing restructuring and its decision to shunt more jobs overseas. So far it's hired around 400 staff in India (around 10 per cent of its workforce) as headcount in Europe has fallen.
By the end of the year 600 staff (15 per cent of the workforce) are due to be employed in India.
Said Colt chief exec Jean-Yves Charlier: "In the second quarter we saw Colt return to growth with improvement in turnover, earnings and cash flow. These results are an encouraging sign that our strategy is continuing to show early results."
In April Colt dismissed speculation that it could be the target of a take-over bid as "unfounded rumours".
By the time England had snapped up four early Aussie wickets this morning shares in Colt were up 2.47p at 64.47p. ®