Networking services provider KCOM Group is coasting towards the end of its financial year, with group performance remaining in line with expectations.
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In a statement to the City today, the group claimed it was seeing substantial improvement in the performance of its managed comms business Kcom, which "complemented the continued resilience" of its Kingston Communications business.
It will close the financial year today with significantly reduced bank debt and a net debt to EBIDTA ratio of below two times, which executive chairman Bill Halbert said reflected the actions taken by the firm in recent months to strengthen its business.
"We close the year with a strengthened financial position, whilst importantly having significantly enhanced the capability of our business through the strategic relationships we have entered into with Phoenix and BT," said Halbert.
KCOM also confirmed today that it has completed the
with Phoenix IT to hive off its network maintenance arm, and said its previously announced network management agreement with BT is also progressing well; earlier in the month Kcom connected two of its network nodes to BT's 21CN.
The group will disclose full results are expected by the end of May.