UK regional integrated operator KCOM Group has signed a committed £200m revolving credit facility.
According to an announcement, the facility, which matures in July 2015, replaces an existing £250m facility, which was due to expire in March 2012.
The…
UK regional integrated operator KCOM Group has signed a committed £200m revolving credit facility.
According to an announcement, the facility, which matures in July 2015, replaces an existing £250m facility, which was due to expire in March 2012.
The facility is provided by a group of six banks comprising existing syndicate members, RBS, Barclays and Lloyds, which are joined by Yorkshire Bank, HSBC and Santander.
KCOM CFO Paul Simpson welcomed the facility, the terms and duration of which “reflect the substantial improvements we have made to the group’s financial position over the last 24 months”, he said.
Announcing first-half results today, the company posted pre-tax profits of £22m, up 35.8% on the same period last year, with Ebitda up 5.1% to £38.9m and operating profits up by 26% to £25.2m. Revenue fell from £210.8m to £194.8m, following group’s decision to focus on long-term customer relationships and exit low-margin operations.
According to executive chairman Bill Halbert: the facility and stable results “gives us the ability and confidence to commit to increased shareholder returns whilst also forming a platform for future organic growth.”
