31st Mar 2009 07:00
31 March 2009
KCOM Group PLC Trading Update
KCOM Group PLC (KCOM.L) issues the following trading update ahead of its Preliminary results for the year ending 31 March 2009 which will be announced on 2 June.
Current trading
Group trading has been consistent with our expectations, as set out in our Interim Management Statement on 30 January.
As a result of actions being taken to control working capital and capital expenditure, net debt is anticipated to be below the prior year amount of £168.9 million representing a substantial reduction on the net debt reported at our interim results in November.
Strategic review
The work being undertaken on the strategic review continues to progress well and the Board anticipates commenting on the outcomes of this review at our results on 2 June.
In particular, the re-focussing of I&MS is progressing well and the cost reduction actions announced in January are substantially complete.
Board composition
The Board confirms that it anticipates strengthening its membership with the appointment of two additional Non Executive Directors on or before the announcement of our preliminary results on 2 June.
Outlook
Whilst continuing to remain cautious on overall trading conditions, the Board believes the actions it is taking will mean that the Group will end the financial year in a strengthened position.
For further information please contact:
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KCOM Group PLC: |
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Bill Halbert, Executive Deputy Chairman Paul Simpson, CFO |
Tel: Cathy Phillips (01482 602400) |
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Maitland: |
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Colin Browne |
Tel: 020 7379 5151 |
About the KCOM Group PLC
KCOM Group PLC provides a range of integrated IT and communications services to businesses, and internet and telecommunications services to selected consumer markets, within the UK.
The Group's portfolio of businesses works with both leading private enterprise customers and public sector organisations. Through its Affiniti and Smart421 brands, the Group delivers solutions covering unified communications, contact centre solutions, data management, applications integration and managed services.
The KCOM Group also includes a regionally-focused business, Kingston Communications, which supports small to medium-sized businesses. Through its KC and Eclipse brands, the business offers a wide range of internet-based and telecommunications services. The regional business also provides telephony and internet services to targeted consumers through its KC, Eclipse and Karoo brands.
The Group is listed on the London Stock Exchange and employs over 2,200 people across the UK.
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