KCom Group Sees 3 Month Trading In Line With Company Views

16th Jul 2010 07:16

LONDON (Dow Jones)--KCom Group PLC (KCOM.LN), a U.K. telecommunications provider, said Friday trading for the three months to June 30 has been in line with company expectations. MAIN FACTS: -Consultation on proposals to close KCOM's two defined benefit pension schemes to future accrual whilst breaking the link to final salary now concluded and both schemes are due to close to future accrual in September 2010. -From Oct. 1, Group will provide a single defined contribution scheme for all employees. -The tri-annual valuation of the Kingston Communications Pension Scheme commenced on April 1. -Co. has reached an agreement, pending the final outcome of the actuarial valuation, that KCOM will make total deficit repair payments to this Scheme of GBP21 million over the three years to March 2013 (previous deficit funding had been GBP2.9 million per annum). -Of this, GBP9.2 million will be paid during the current financial year with the remainder spread equally over the subsequent two years. -Aims for this year are to return to growth and to provide medium term certainty with regard to pension funding position. -Continues to improve further the overall financial position of KCOM through a combination of measures, including debt and working capital management and rigorous cost control. -Shares closed Thursday at 45.25 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires July 16, 2010 02:16 ET (06:16 GMT)