Colt Group's first-quarter revenues fall

Telecommunications and technology company Colt Group reported a slight dip in first-quarter revenue reflecting a fall in sales in its voice division.

Telecommunications and technology company Colt Group reported a slight dip in first-quarter revenue reflecting a fall in sales in its voice division.

Total revenue fell 1.3% year-on-year to €392.1 in the first three months of the year as the company's voice arm was hit by rate cuts across Europe.

Earnings before interest, tax, depreciation and amortisation (EBITDA) of €80.5m were flat compared to the first quarter in 2012 of €80.6m, with a reduction in revenue offset by a tight control of costs.

Net funds at the end of the quarter came to €225.9m, down from €280.1m at the end of December.

Cash outflows of €54.2m for the quarter reflected seasonal outflows, increased capital expenditure related to investments and restructuring payments.

Capital expenditure for the first quarter of 2013 increased to €81.2m from €75.8m.

During the quarter the company's Colt Enterprises Services sales included three new contract wins of over €1.0m, including a major deal with Europcar to provide managed network services supporting their pan-European IT transformation plan.

"We are satisfied with the progress the Group has made in the quarter," said Chief Executive Officer Rakesh Bhasin.

"Regulatory price reductions, fewer working days and currency headwinds in the quarter detract from the underlying progress that is continuing to be made in transforming the business, growing the pipeline, winning new contracts, investing in our infrastructure and expanding our portfolio of services. We remain confident that we will grow the business this year."

Recommended

Four high-quality US stocks to give shelter from the storm
Share tips

Four high-quality US stocks to give shelter from the storm

Professional investor Timothy Parton of the JPMorgan American Investment Trust picks four solid US stocks to buy now.
24 May 2022
Three undervalued mid-cap stocks with attractive prospects
Share tips

Three undervalued mid-cap stocks with attractive prospects

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing mid-cap stocks to buy now.
24 May 2022
Britain’s ten most-hated shares – w/e 20 May
Stocks and shares

Britain’s ten most-hated shares – w/e 20 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
23 May 2022
Britain's most-bought shares w/e 20 May
Stocks and shares

Britain's most-bought shares w/e 20 May

A look at Britain's most-bought shares in the week ending 13 May, providing an insight into how investors are thinking and where opportunities may lie…
23 May 2022

Most Popular

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Everything is collapsing at once – here’s what to do about it
Investment strategy

Everything is collapsing at once – here’s what to do about it

Equity and bond markets are crashing, while inflation destroys the value of cash. Merryn Somerset Webb looks at where investors can turn to protect th…
23 May 2022
Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022