KPNQwest pessimism drives shares down

NEWS Dutch telco KPNQwest has warned that it is facing a tough year, with results likely to come in at the lower end of its predicted range. The company forecast sales of between E1.3bn and E1.4bn (£790m and £856m) but said it will now hit the lower end of that range. Results for last year showed a widening loss of E266m (£162m) - from E139m (£85m) the previous year - attributed largely to restructuring costs. Revenue was up 75 per cent at E810m (£495m). Shares in KPNQwest fell six per cent on the news.