In April the company lowered its EBITDA forecasts for 2014, saying it expected EBITDA before restructuring costs to be between 5% to 10% below the then-consensus estimates of
Colt Thursday posted EBITDA of
Revenue was hampered by regulatory price reductions hitting Colt's Voice Services business, changes in its product mix, withdrawal from low-margin carrier voice trading contracts, and pricing pressures on its bandwidth products.
Colt expects to post additional restructuring expenses in the second half of the year, and continues to expect the total cost of its reorganisation plan to be around
The company said that it had focused on reorganising the four lines of its business in the first half; and its focus going forward will be transforming its IT Services business to rationalise its product portfolio and supporting platforms. It said expects its Voice Services segment to continue to decline in the second half as it completes its exit from low margin carrier voice trading contracts.
Meanwhile, Colt said it expects Network Services and Data Centre Services to continue to trade in line with current trends.
"We have already started the process of implementing improvements to our business, and I remain convinced by the opportunities available to us," said Chief Executive
Shares in Colt were trading down 0.6% at
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