Colt Group to exit IT services, take 90 million euros non-cash charge

Telecoms provider Colt Group SA said it would exit its IT services business to focus on its core network and voice and data centre services divisions.

Updated: Jun 30, 2015, 12.48 PM IST

Colt Group to exit IT services, take 90 million euros non-cash charge

Telecoms provider Colt Group SA said it would exit its IT services business to focus on its core network and voice and data centre services divisions.

The company, whose largest shareholder recently offered to take it private, said it would exit the business over the next two to three years, bearing exceptional cash costs of 45 million euros to 55 million euros and a non-cash impairment charge of about 90 million euros ($100 million).

Colt said it was targeting 2015 revenue of between 1.50 billion euros and 1.52 billion from its core business.

Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.