REFILE-STOCKS NEWS EUROPE-Colt Telecom up after Q1 beats

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Fri May 1, 2009 1:30pm BST

(Refiles to fix typos in final para)

Shares in Colt Telecom (COLT.L) rise 6.1 percent as the pan-European telecoms specialist reports its first-quarter figures that beat analyst expectations, prompting Merrill Lynch to repeat its "buy" recommendation.

The Luxembourg-based company boasts first-quarter revenue of 416.2 million euros up 1.3 percent, and earnings before interest, tax, depreciation and amortisation of 78.9 million euros, up 9.4 percent, while profit before tax, excluding exceptionals, rose by 8.5 million euros to 17.1 million euros.

"With net cash on the balance sheet (after raising equity last quarter) Colt looks well placed to weather the downturn and should react positively today," says Merrill Lynch in a note.

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