COLT 1Qs disappoint

27 Apr 2006

UK-based pan-European carrier COLT Telecom Group has posted weaker-than-expected first quarter results, due to ‘challenging’ market conditions across Europe. Revenues for the three months ended 31 March 2006 rose just 0.2% year-on-year to GBP307.7 million (USD549.2 million), around GBP4 million below analysts’ estimates. On a more positive note, EBITDA rose GBP10.5 million to GBP47.6 million, but was down on the previous quarter. Chief executive Jean-Yves Charlier said a raft of cost-cutting measures, including the proposed re-location of company headquarters to Luxembourg, meant COLT was on course to make ‘further progress’ in 2006.

United Kingdom, Colt Technology Services Group