Strong sales from Fibernet UK acquisition helps telco shrink losses

International telecoms provider Global Crossing grew its 2007 sales revenue by 21 per cent to £1.12bn ($2.26bn), up from £935m ($1.89bn) in 2006.

The company’s operating losses were cut from £105m ($212m) in 2006 to £70m ($141m) in 2007, though net losses remained almost flat at £151m ($306m), a 5.6 per cent improvement on the previous year.

A significant portion of the firm's revenue increase came on the back of sales growth from its acquisition of UK carrier Fibernet for £50.6m in 2006 - up 29 per cent to £283m ($572m) year on year.

Global Crossing filed for bankruptcy in 2002, but has since refocused on core wholesale telecommunications operations and financial restructuring.