COLT lowers capex target

24 Jul 2003

Pan-European telecoms carrier COLT Telecom announced a sharp reduction in its capital expenditure (capex) target, following a fall in capex for the second quarter to GBP33.8 million. Capex for the period was below EBITDA, which stood at GBP37.9 million, helping the telco to generate its first-quarter of positive operating free cash flow before interest payments. Following the announcement, investors have expressed a newfound confidence that COLT would meet its aim to become free cash flow positive by 2005.

United Kingdom