Headlines of first half of 2014:
2014 full year EBITDA guidance remains as previously advised in April 2014. The restructuring programme outlined in April has commenced and remains on track to deliver targeted savings in 2014 and beyond
Overall Group revenue declined by 2.3% (3.3% constant currency) due mainly to a contraction in the Voice business from regulatory price declines and the exit from low margin reseller customers
Group EBITDA of €145.4m (18.9% margin) (H1 2013: €158.0m) represented a year on year decline of €12.6m (8.0%). This decline was driven primarily by a reduction in direct gross margin (€16.0m excluding depreciation) partially offset by reductions in selling general and administrative expenses of €3.4m
Net cash outflow improved from €59.0m in H1 2013 to €29.1m in H1 2014 due to improved working capital and reductions in capital expenditure
As reported previously, Colt established four lines of business in H1 2014: Network Services, Voice Services, Data Centre Services and IT Services, and we initiate reporting under these new segments with H1 2014 results
