KCom confident despite challenging markets

2nd Jun 2009 08:31

Hull-based telecoms group KCom reported an increase in adjusted pre-tax profit for the year and said it was confident of an improved performance in the year ahead.In a separate statement the group confirmed the appointment of Bill Halbert as executive chairman after the group's AGM.Profit before tax and exceptional items rose to £17.9m for the year ended 31 March 2009 from £8.4m. KCom also posted a pre-tax loss of £111.3m from £4.4m from a year before after restructuring costs and goodwill impairment.Revenue fell to £472.4m from £517.3m after large corporate customers reduced spending in its I&MS unit.Looking ahead KCom said it is confident that the cost cutting actions taken over the course of the last six months, "have created a much stronger platform from which the group will be able to continue to improve its overall financial performance, in what we expect to remain challenging market conditions."A final dividend of 1p per share has been offered, up from 1.88p a year ago.