30 April 2010
Colt Telecom Group S.A. (London Stock Exchange: COLT) issued today the Interim Management Statement for the three months ended 31 March 2010.
|Three months to 31 March
|Net funds (2)||293.7||195.9|
Rakesh Bhasin, Chief Executive Officer, said:
“Revenue at €396m delivered solid profitability even though the decline in Voice revenue exceeded the growth in Data and Managed Services revenue, reflecting a slower order rate in the second half of 2009. We expect customer decision making to accelerate over the coming months, which in turn will reflect increasingly in our results in the second half of 2010 and 2011.”
Revenue of €396.0 million (Q109: €416.2 million) represented a decline of 4.9%. The majority of the overall fall in total revenue was due to the decline in Voice revenue. Managed Services and Data revenue in aggregate continued to grow but at a reduced rate compared with recent quarters.
EBITDA of €77.4 million (Q109 : €78.9 million) represented an increase in margin percentage but a decrease in absolute terms of 1.9%, reflecting the impact of lower revenue offset by tight control of fixed costs.
Net funds at 31 March 2010 amounted to €293.7 million (31 March 2009: €195.9 million), reflecting the continued strength of the Group’s financial position.
(1) EBITDA is earnings before net finance costs, tax, depreciation, amortisation, foreign exchange and exceptional items.
(2) Includes deposits classified as current asset investments.
Forward Looking Statements
This report contains “forward looking statements” including statements concerning plans, future events or performance and underlying assumptions and other statements which are other than statements of historical fact. Colt Telecom Group S.A. wishes to caution readers that any such forward looking statements are not guarantees of future performance and certain important factors could in the future affect the Group’s actual results and could cause the Group’s actual results for future periods to differ materially from those expressed in any forward looking statement made by or on behalf of the Group. These include, among others, the following: (i) any adverse change in regulations and technology within the telecommunications industry, (ii) the Group’s ability to manage its growth, (iii) the nature of the competition that the Group will encounter and wider economic conditions including economic downturns, (iv) unforeseen operational or technical problems and (v) the Group’s ability to raise capital. The Group undertakes no obligation to release publicly the results of any revision to these forward looking statements that may be made to reflect errors or circumstances that occur after the date hereof.
Senior Manager, Investor Relations
Tel: +44 (0) 20 7863 5314