KCOM to focus on growth

TELECOMS group KCOM said it will focus on growth this year following the substantial changes made to the company in 2009.
By The Newsroom
Published 16th Jul 2010, 10:58 BST
Updated 16th Jul 2010, 10:59 BST

The Hull-based group will tell shareholders at its AGM today that trading is in line with expectations.

Following consultation on plans to close the group's two defined benefit pension schemes, KCOM has decided to close both schemes to future accrual in September.

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From the beginning of October, the group will provide a single defined contribution scheme for all employees.

KCOM will make a 21m payout to the scheme over the next three years.

In a statement to shareholders the group said: "Our aims for this year are to return to growth and to provide medium term certainty with regard to our pension funding position.

"We continue also to improve further the overall financial position of KCOM through a combination of measures, including debt and working capital management and rigorous cost control."

The group expects to announce its interim results on November 23.

Related topics:AGMHull