Business Services Industry
Cable & Wireless, Colt Telecom take hit in savage sales war.
Knight Ridder/Tribune Business News, July, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Jul. 22--Colt Telecom and Cable & Wireless gave another reminder that the market to supply big businesses with phone and internet services is grossly overpopulated.
C&W's UK sales fell 4 percent on the preceding quarter to UKpound 406 million as its turnaround failed to bear fruit. Colt's sales were flat at UKpound 301 million. Both are under pressure from fierce pricing.
Analysts say a merger would help. But Colt's Steve Akin says: "We would rather keep our destiny in our own hands."
Colt stock -- which has slid by two-thirds since February -- bounced 4 1/2 pence to 42 3/4 pence.
C&W boss Francesco Caio expects difficult trading conditions to persist.
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