Colt Group's revenues rise for first time in seven years

European telecoms provider Colt Group said on Thursday annual revenues had climbed for the first time in seven years, reflecting growth across its major products.

Revenues for 2012 rose 2.6% year-on-year to €1.5bn against a backdrop of challenging economic conditions in Europe.

The company, which runs fibre optic networks and data centres for large and mid-sized companies, posted adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of €333.6m, up 0.48% from €332m in 2011.

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Profit before tax and exceptional items grew 0.5% to €333.6m.

Results were helped by a stabilisation of revenue in its voice services division which increased 1.0% to €568.6m following four years of decline.

Data revenue, which includes network and bandwidth services, climbed 2.4% to €824.1m from €332m the previous year.

"[Last year] was a year of momentum and growth for Colt," said Chief Executive Officer Rakesh Bhasin.

"We achieved overall revenue growth for the first time in seven years. We are accelerating the transformation of our cost and skills base, aligning costs related to our legacy business and protecting profits while continuing to invest in our products, services and infrastructure to support future growth."

While macro-economic uncertainties remain, the company expects progress in 2013 as it continues to evolve the business and increase investments in its leading information delivery platform.

Shares surged 3.64% to 128.00p at 10:16 Thursday.

RD