Colt beats expectations

Colt Telecom beat analysts expectations in its first quarter results. The company said that although the telecoms sector showed weakness this had been made up by strong demand from corporate customers.

Compared with Q1, 2001, the company had an 18% increase in turnover, up to £246.8m (€398.6m) from £209.4m (€338.2m). Results showed a 37% increase in sales to corporate customers. Earnings EBITDA more than doubled to £9.8m (€15.8m).

The company has made great efforts to reduce its costs and earlier this year announced major job cuts.