Summary results
Colt Group financial performance in 2014 reflected the ongoing transformation of our business, with a disappointing first half, but a second half that delivered to expectations.
In May we restructured our business along four lines of business: Network, Voice, Data Centre and IT Services; increasing the focus on leveraging our assets more effectively.
Group revenue declined 5.1% due largely to a reduction in Voice associated with our proactive withdrawal from low margin carrier voice trading contracts, and regulatory price declines.
EBITDA before exceptional items declined 7.2% to €297.1m (2013: €320.1m), due largely to regulatory impacts in Voice, and product mix changes, particularly in Network Services.
In December we completed the acquisition of KVH Asia, an infrastructure based service provider of networks and data centres across Asian cities. This strengthens Colt's position as a global provider of Network, Voice, Data Centre and IT Services. Consolidated from 22 December, KVH contributed €3.9m to Colt Group revenue and €0.4m to EBITDA in 2014, and delivered pro-forma year-on-year revenue growth of 8.3% and a 12.0% EBITDA margin.
