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KCOM announces preliminary results 2017/18

KCOM announces its unaudited preliminary results for the full year ended 31 March 2018

Highlights

  • Profit ahead of expectations despite lower revenue
    • EBITDA1,2 up 1% year on year, driven by multi-year network rates rebate, higher margins and
      strong cost control
    • Lower revenue reflects anticipated decline in National Network Services
  • Good progress in Hull & East Yorkshire
    • Revenue up 2% overall
    • Strong performance in Consumer channel, revenue up 4%
    • Full-fibre deployment on target to be available to 100% of addressable market by March 2019
    • More customers taking broadband over full-fibre now than over copper
  • Margin and profit improvement in Enterprise, despite 3% revenue decline
    • Revenue affected by lower government spend, and previously identified software contracts
      • Two software contracts now exited; customer relationship maintained with new business in place
    • Strengthened management team driving momentum from cloud-based wins and renewals
  • Statutory profit before tax increased by 11.5% reflecting lower level of exceptional costs partially offset by increased depreciation and amortisation
  • Net debt2 increase reflects our capital investment, including continued investment in fibre
  • Recommended final dividend of 4.00p, to deliver committed 6.00p per share dividend for the full year
  • Existing dividend commitment extended to 2018/19 financial year

Download Preliminary results press release 2017/18