Colt and Cisco post positive Q2 results

NEWS Colt Telecom this week announced second quarter results with profits doubling on last years figures to £18m in the three months to 30 June. According to the company, the profits reflect the growth in European demand for high bandwidth services. It's turnover also more than doubled to £94.3m in the period. Colt chairman Jim Curvey, said the company has passed a milestone in its expansion into Europe, with more than half of its revenue being generated overseas for the first time. Colt also celebrated the completion of five new networks across Europe, bringing its total coverage to 18 cities in nine countries. Growth in the UK specifically was slightly slower, with revenues increasing by 39 per cent to £44.1m in the quarter. Colt also celebrated account wins with the Department of Health and Selfridges over the period. Continuing growth in the telecoms and networking market at home and abroad was also signalled this week by positive results for hardware specialist Cisco Systems. Cisco's profits reached $837m for the quarter ending 30 October - up 49 per cent on the previous year - with its revenues also increasing 49 per cent to reach $3.88bn.