KCOM FY adjusted profit surges 64%

25th May 2010 08:35

Hull-based telecoms group KCOM reported a 64.2% surge in annual adjusted profit as it reduced costs and increased its full year dividend by 25%.The group posted an adjusted pre-tax profit of £29.4m for the year ended 31 March 2010 compared with £17.9m the same time a year ago. Pre-tax profit rose to £19.2m versus a loss of £111.3m before. Revenue for the year fell 12.1% to £412.8m Chairman Bill Halbert hailed the results as, "A year of successful business transformation and improved financial performance.""KCOM Group has made excellent progress since our November 2008 strategic review in improving the quality of our business activities and the underlying financial strength," he added.Net debt has reduced to £116.8m from £157.9m in 2009.A full year dividend of 1.75p has been recommended, up from 1.50p the year earlier.