Expansion and long-term investment are the name of the game at Colt Telecom. As the group prepares to announce on Tuesday its results for the third quarter of the year, it is no secret another loss is expected, but Larry Ingeneri, the chief financial officer, has his sights confidently set on a pre-tax profit in 2002. This long-range view means the group will be in the black ten years from start-up. Colt began operations in October 1993. It builds and supplies fibre-optic telecommunication services to business customers in Europe and provides Web hosting on the Internet. Its telecommunication services are in 18 cities, including London, Paris, Amsterdam, Berlin, Zurich and Madrid. Colt's big investment by the end of this year will be services to Rotterdam and Marseilles. Next year it will extend operations to Stockholm, Hanover, Turin and Rome, and will create a German network. It will join forces with the American company Level 3, which is building similar networks linking London and northern Europe. The two will 'share the cost of digging holes in the ground', as investor relations officer John Doherty puts it, so Colt will have its own links instead of leasing them, and cut costs in the process. Ingeneri is overseeing a huge injection of money in the group's middle-distance future. There have been operating losses, including £26.4m in the second quarter this year, but this was sustained on sales of £94.3m, more than double the £46.3m sales in the comparable quarter of the last financial year. Ingeneri can now point to a turnover of £215m in 1998, a predicted figure of £400m this year, and a bonanza of £680m to £700m next year. The City expects a trading profit in 2001 but Colt's own forecast is a pre-tax profit the following year.
IBM and Technical University of Munich team demonstrate how Shor's algorithm, which can't be cracked by conventional computers, can be solved quickly with quantum computing
Hubble Space Telescope finds superflares from young red dwarfs could strip away planetary atmosphere
Younger stars are 100 to 1,000 times more energetic than when they're older
Two of the big four supermarkets will use the system to control sales of restricted products
PUBG news and updates: November's Update #23 to bring new Skorpion pistol and changes to blue zone visibility
Genuinely useful side-arm coming to PUBG in Update #23