Tough trading as Colt profits drop 25 per cent
CITY of London Telecoms (Colt) yesterday reported a 25 per cent drop in profits, from £45.9m to £34.4m.
Total revenue also fell from £817.4m to £794.2m in the six month period. Voice revenue fell more sharply, dropping nine per cent from £345.6m to £314.4m.
The firm pointed to marginally improved Ebitda margins and said it is confident moving into the second half of this year.
Rakesh Bhasin, chief executive, said: “These results are in line with our expectations and our cautious approach adopted for the first half of 2010.
“While Data and Managed Services did not create the growth to cover Voice decline at a revenue level we are seeing positive signs in the market which indicate an improvement in the second half and into 2011.”
Colt provides businesses and wholesale customers with network and IT infrastructure resources.