Colt (City of London Telecom), which was recently voted leading supplier for quality of service by members of the Telecommunications Managers? Association, turned in doubled losses in 1996.
In its first published results since it floated in London and New York last December, it reported a net loss of #11.2 million compared to #5.26 million last year. However, turnover doubled to #35 million with gross profit up to #5.5 million.
Chief financial officer Larry Ingeneri said the losses were partly because of heavy business expansion. Since it began trading in 1993 Colt has accumulated 537 direct corporate customers in the US and 43 in Germany, mainly in the countries? financial districts.
It has been laying its own fibre optic cabling in the three London districts - City of London, Docklands and Westminister and in Frankfurt. This year it will be looking to expand its network to Hamburg, Berlin and Paris. Networks in Milan and Madrid will be operational next year.
Ingeneri said customers are attracted to the high level of service Colt offers and added that, despite losses, the level of service will not go down and the company will continue to invest in expansion. It has #150 million cash on its balance sheet.
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