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Interim Results

Colt in the red

31 July 2015 08:06

Colt Group posts a first half loss before tax and before exceptional items of £13.0m (H1 2014: profit of £13.6m), with the movement due to the inclusion of Colt Asia results, foreign currency movements and incremental depreciation.

Revenue for the first half of 2014 was £790.8m (H1 2014: £770.4m) a 2.6% increase over H1 2014 mainly due to currency movements, with the contribution of Colt Asia revenue offset by our exit from low margin carrier voice trading. Revenues on a constant currency basis were down by 1.3%.

Gross profit (before exceptional items) increased 5.8% to £205.6m during the period (H1 2014: £194.3m). As a percentage of revenue, gross profit before exceptional items increased to 26.0% (H1 2014: 25.2%) primarily due to the inclusion of Colt Asia results in H1 2015 and the exit from low margin carrier voice trading.

This growth was partly offset by regulatory driven termination rate reductions in Voice Services, increased use of lower margin third party networks (off-net connections) in Network Services and £22.6m higher infrastructure depreciation in the period driven by Colt Asia.

Operating expenses (before exceptional items) of £217.0m (H1 2014: £186.2m) increased 16.5% (£30.8m) due to the inclusion of Colt Asia and the effects of foreign currency movements, principally Sterling based costs. This offset savings in selling, general and administrative expenses from our workforce transformation and cost control programmes.

Group EBITDA increased 7.6% to £156.4m (H1 2014: £145.4m) due to the contribution of Colt Asia EBITDA and cost saving measures, including restructuring, partially offset by lower EBITDA from Network Services.

There was a loss before tax and before exceptional items of £13.0m in H1 2015 (H1 2014: profit of £13.6m), with the movement due to the inclusion of Colt Asia results, foreign currency movements and incremental depreciation.

At 8:06am: (LON:COLT) COLT Telecom Group SA share price was +0.05p at 187.55p

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