Colt to simplify organisation to deliver future growth
With effect from early 2011 Colt intends to simplify the way it goes to market and will be organised into three new customer-facing units supported by two service units.
The new customer-facing units will comprise:
The two new service units will support the three customer facing units and comprise:
The Company expects to take an exceptional charge of approximately €35 – 40 million in 2010 to increase efficiencies amounting to approximately €35 million in a full year. Of these annual efficiency benefits approximately 35% will be invested into new customer facing roles, providing recurring annual cost savings of approximately €20 million.
Commenting on the changes, Rakesh Bhasin, Chief Executive Officer said: “We believe these changes will help us to deliver our strategy to be Europe’s leading information delivery platform. We are simplifying our organisation to enable us to be even more responsive to our customers’ needs. At the same time we will be investing in our business to strengthen our customer-facing operations to drive future growth.”
Forward Looking Statements
This report contains "forward looking statements" including statements concerning plans, future events or performance and underlying assumptions and other statements which are other than statements of historical fact. Colt Group S.A. wishes to caution readers that any such forward looking statements are not guarantees of future performance and certain important factors could in the future affect the Group’s actual results and could cause the Group’s actual results for future periods to differ materially from those expressed in any forward looking statement made by or on behalf of the Group. These include, among others, the following: (i) any adverse change in regulations and technology within the telecommunications industry, (ii) the Group’s ability to manage its growth, (iii) the nature of the competition that the Group will encounter and wider economic conditions including economic downturns, (iv) unforeseen operational or technical problems and (v) the Group’s ability to raise capital. The Group undertakes no obligation to release publicly the results of any revision to these forward looking statements that may be made to reflect errors or circumstances that occur after the date hereof.
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