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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to