HULL-based KCOM Group today revealed that it had achieved improved profitability at all levels over the first quarter of this financial year.
The company, which provides IT and communications services to businesses, and internet and telecommunications services to consumers, said this performance had been achieved despite lower revenues than in the same period last year.
In a statement o
n trading between April 1 and June 30 2008, to accompany it annual meeting, KCOM, said: "Our telecoms and internet services business continues to perform strongly with its high level of recurring service revenues and strong cash flows.
"The integration and managed services business has a strong pipeline but is experiencing revenue weakness in what we expect to remain a challenging market.
"Our efficiency initiatives outlined in November are on track. In light of the deteriorating market conditions, our operational focus on cost and capital efficiency will continue and we are targeting further efficiency gains as the year progresses. The board remains strongly committed to the creation of value for its shareholders."
KCOM will announces its interim results on November 25 2008.
John Carrington is stepping down as a non-executive director of the company to devote more time to his charitable commitments.
He has been a director since April 2003. KCOM is searching for a successor.
Bill Halbert will assume Mr Carrington's responsibilities as senior independent director and chairman of the remuneration committee.
Michael Abrahams, chairman of KCOM, said: "John has made a major contribution to the board's deliberations over the last five years. We thank him and wish him well for the future."
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