KCOM enduring challenging market
IT and telecoms group KCOM said today it was continuing to work to improve profits despite what it says is a “challenging market.”
The Hull-based group provides a range of integrated IT and communications services to businesses and internet telecommunications services to selected consumer markets within the UK, where it employs more than 2,700 people.
In an AGM trading update and interim management statement from 1 April to 30 June 2008 KCOM said it had improved profitability at all levels, despite lower revenues than in the same period last year.
The group said the telecoms and internet services business continues to perform strongly with high levels of recurring service revenues and strong cash flows.
The group added that in light of “deteriorating market conditions” KCOM continues to focus on reducing operating costs and improving efficiency.
In May the group said pre-tax profits for the year ended March 31 slumped 58.5% to £4.4m from £10.6m the previous year.
Group profit from operations were also down 6.9% to £36.7m.
The group also announced the departure of non-executive director John Carrington who is stepping down from the Company to devote more time to his charitable commitments.
Bill Halbert will assume Mr Carrington’s responsibilities as senior independent director and chairman of the remuneration committee.
KCOM – previously known as Kingston Communications – is famous for underlining its independence from BT by introducing distinctive white public telephone boxes in its home town of Hull.
