Redstone reports improvement
The data and telecoms company Redstone has reported a 12% rise in turnover in the six months to 30 September, despite nearly being forced into liquidation earlier this year. The group posted a pre-tax loss of £22m, but assured shareholders that operating losses had fallen sharply.
The Financial Times reports that the company has also announced two new data networking contracts. The Times says that the company's chief executive, Ian Brown, admitted that the company had not yet talked about refinancing plans. But while Redstone's cash reserves are diminishing, notes The Daily Telegraph, chairman Andrew Stafford-Deitsch has claimed the figures to be "in line with expectations".
Battle continues over mobile phone charges
The mobile phone industry has clashed with Oftel, the telecoms watchdog, over price controls. Oftel's proposed controls would reduce the cost of calling mobile phones by up to 8% a year over the next four years.
The Guardian runs an extended analysis feature on the issue. The newspaper reports that the regulator faces the prospect of a lengthy battle with network operators over price capping.
Best of the rest
The Financial Times reports
- The electronics group Philips is to implement a restructuring plan that will centralise internal activities such as personnel management. The restructuring is part of an ambitious strategy intended to save the Dutch company at least £187m per year in operating costs.