KCOM reveals its half year revenues have fallen
KCOM is currently adding Lightstream to Bransholme homes (Image: KCOM)
By Hull Daily Mail | Posted: 28 Nov 2018
KCOM has revealed its revenues have fallen.
The telecoms group’s half year revenues have declined by £7.9m compared to 2017. Over the half year ended September 30, 2018, KCOM’s group revenue was £143.4m, compared with £151.3m in the same period last year.
In the same period, the company also reported a pre-tax loss of £21m, compared to a £14.8m profit in the half year ended September 30, 2017.
This falling is despite the success of the full fibre roll-out in Hull and East Yorkshire.
And the company said its Hull and East Yorkshire operation continued to perform well and in line with market expectations.
Lighstream ultrafast broadband being fitted
Graham Sutherland, chief executive of KCOM, said, “Despite only joining the business last month, I believe KCOM has considerable skills, assets and capabilities.
“The full fibre rollout in Hull and East Yorkshire leads the market, provides us with sustainable cash flows and enables the further development of our service offering.
“However, the current financial performance of our two national businesses is below our expectations, in particular, in National Network Services where we are experiencing high levels of customer churn.
“In the second half of the year, we will focus on three key priorities - review of our business strategy to identify how we create the best value from KCOM’s assets, implementing initiatives to improve business performance and improving transparency through clear metrics on which our progress can be measured.
“We will be in a position to share outputs from the strategic review in March.”