Eircom announce 7% revenue drop

Eircom have announced their first quarter results, to September 30, 2012 - with revenue dropping by 7%.

Revenue declined to €363 million, down €26m on the corresponding quarter in the previous year. Operating costs were €160m for the quarter, a 4% improvement on the prior year, demonstrating the group's continued focus on costs savings.

The troubled group announced plans to shed 2,000 jobs earlier this year, with CEO of the group Herb Hribar commenting: "The performance of the business continues to decline, but the decline is slowing and is in line with our expectations and our business plan.

"We remain fully committed to our cost reduction targets and believe that the reduction in 2,000 employees is achievable within the two year timeframe.