Kcom forecasts profits rise
TELECOMS firm Kcom expects net profits to be higher for the first half of its trading year, the company announced today.
The firm said it was making progress in discussions over the future of its banking arrangments and would be replacing two pension schemes with a single defined contribution scheme from Friday.
In a stock market update, the company said: “The group continues to build on progress made during the last two years, as well as securing future growth by exploiting core strengths and capabilities and leveraging strategic partnerships which extend the reach and range of our communications services.
“We continue to strengthen the overall financial position of the group through a combination of measures including debt and working capital management and rigorous cost control.”
Kcom confirmed that revenue would be down for the first half of the year as a result of exiting from customer contracts to Phoenix IT and from lower value work.
In its last full year of trading, Kcom made pre-tax profits of £29.4m, up from £17.9m the previous year.
