Colt Group returns to growth
Data services and telecoms provider Colt Group has seen a big rise in pre-tax profits and says its first half results show a 'return to growth for the first time in many years'.
Data services and telecoms provider Colt Group has seen a big rise in pre-tax profits and says its first half results show a 'return to growth for the first time in many years'.
The firm's biggest offering is data, which accounts for more than half of total revenues. Colt allows companies to use its fibre optic network to provide ethernet services to clients. Revenues in this crucial division gained 1.8% compared to last year, to hit £407.7m.
This pushed group revenue to £797.9m, 4.1% ahead of the prior year.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The most impressive performance across the group was in managed services, which includes the provision of data centres. Revenues climbed 15.4% in this area, lifting group profits before tax to £33.2m, a whopping 52.3% gain on the same point in 2011.
This is probably why the stock rose sharply in morning trading, up 4% by 11:31.
Rakesh Bhasin, Chief Executive Officer, said: "Despite challenging economic conditions we made good progress in (the first half) and are targeting growth for the second half of the year. Our products and services are gaining traction in the market and our pipeline is improving in both quality and quantity."
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
