KCom reports slight fall in profit

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TELECOMS provider KCom reported a marginal fall in full-year pre-tax profit today and said it expected to see a continued decline in some traditional carrier revenue.

The Hull-based group, which provides communications services for customers such as British Airways and Virgin Group, said pre-tax profit fell to £49.9m for the year ended March 31, from £50m a year earlier.

Revenue fell marginally to £370.7m.

KCOM also announced that it has secured a new finance package worth £200m from a banking syndicate comprising Lloyds Bank Commercial Banking, Barclays, HSBC, Santander and RBS. The group, which has been in existence for over 100 years, has also agreed an uncommitted accordion facility of £50m if required.