Kingston rings up a growth rise

HULL-based Kingston Communications showed a clean pair of heels to many telecoms rivals with 66% growth in customers and improving cash flow in what chief executive Steve Maine called 'our drive to profitability'.

Turnover grew by 44% to £148.7m in the six months to end-September and earnings before interest tax depreciation and amortisation rose by the same percentage to £9.4m.

Losses before tax jumped from £5m to £17.5m as the group completed its national network and moved into debt for the first time since flotation two years ago.

Maine said he was happy with forecasts that net debt by the end of the financial year in March will be about £130m and operating profits will come through in two or three years' time.

The shares rose 8p to 125 3/4p.