Telecom specialist Colt has helped end the week on a positive note after producing Q1 numbers that beat expectations.
The networking services vendor revealed that managing its business tightly had paid off with a first quarter revenue increase of 1.3% to €416.2m and EBITDA earnings up 9.4% year on year to €78.9m. pre-tax profit increase by €8.5m to €17.1m.
In a statement, CEO Rakesh Bhasin said that trading conditions were tough but it had also benefited from an open offer of shares run in the quarter which raised €189.4m.
"With the proceeds of the Open Offer, Colt now has a significantly improved financial position and we were able to replay all of our outstanding debt in April," he said.
For the first time the company split out its managed services revenue from the general data bracket revealing that the services side grew at 32.7% compared to a 3.7% increase on the data side.