Kingston announces massive losses

NEWS Hull-based telco Kingston Communications has seen its operating losses double over the past year. The Yorkshire business stated that its group operating loss, including all write-downs and depreciation charges following the development of its long distance network, amounted to £36.8m. A one-off write-down of £12.5m was included in the operating loss from the company's interactive division. However, turnover for the entire business was up 40 per cent year-on-year to £316.3m from £225.5m. Turnover for Kingston rose 14 per cent over the year to £86m from £75.3m. Kingston moved into the FTSE 100 in March 2000 after its previous owners, Hull City Council, decided to sell 55 per cent of the business in 1999 and made £245m from the sale. Kingston made a mint for stock owners in Hull who saw a £5,000 stake rise to over £30,000 in less than a year.