In brief: Colt share issue to fund European expansion

Colt Telecom will issue shares and debt worth £600m to fund the further roll-out of its pan-European network.

The thriving operator - which targets lucrative corporate customers in Europe's main urban areas - said it will expand its network from 12 to 26 cities.

The plans were announced as the company posted strong interim results. Turnover of £81.7m for the first six months of 1998 exceeded total revenues for the whole of 1997, and gross profits increased almost threefold to £15.2m.