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Colt Group has exited IT services to focus on its core network, voice and data centre offerings.
In a statement to financial markets, it says it does not believe the IT business can compete and grow successfully with 'a level of risk that is acceptable'.
It will take it two to three years and exceptional cash costs of €45m-€55m and non-cash impairment charge of about €90m.
The group trading performance is in line with management expectations and interim results will be reported before the end of July, it says, while conducting a detailed review to identify optimal structure and positioning of data centre services business.
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