Dec 19 European telecoms provider Colt Group SA
said it will take a charge of 28 million euros ($37.00
million) to 33 million euros in the current quarter related to a
restructuring it undertook last year.
"Our performance remains on track. Given the economic
backdrop, we believe now is the right time to accelerate the
transformation of our cost and skills base," Chief Executive
Rakesh Bhasin said.
The company, which restructured its business into three
units last year, said the majority of the cash outflow to
support the restructuring will fall into 2013.
Colt said it expects to save about 44 million euros per year
through these plans, of which a third will be invested in new
The company runs fibre optic networks and data centres for
large and mid-sized companies, audio and web conferencing, and
It said investment in growth areas such as managed networks
and IT services had helped raise bookings.
Colt shares closed at 93.5 pence on the London Stock
Exchange on Tuesday.