Sign up USA
Proactive Investors - Run By Investors For Investors

Lite Access expects no impact from Carillion collapse on BT Openreach work

Last autumn, the Toronto-listed firm won a contract with Carillion telent to support a fibre rollout in Wales
Lite Access expects no impact from Carillion collapse on  BT Openreach work
Lite Access describes itself as a world leader in microduct and fibre optic technologies.

Fibre optic specialist Lite Access Technologies Inc (CVE:LTE) says the collapse of UK construction and services giant Carillion PLC (LON:CLLN) should have no impact on its previously announced work with BT's Openreach in the UK.

As revealed in November, the Toronto-listed firm won a contract with Carillion telent to support the Openreach Superfast Cymru fibre rollout in Wales.

READ: Lite Access Technologies hails 'transformational' contract with Carillion telent for superfast fibre rollout in Wales

On Monday this week, Carillion confirmed its collapse and then went into compulsory liquidation, threatening thousands of jobs.

The firm held about 450 governmental contracts, spanning the education, justice, defence and transport ministries.

Telent put out a statement earlier this week, which Lite Access quoted from: "Following the news of the liquidation of Carillion, we [telent] confirm that the Carillion telent joint venture remains open for business and there will be continuity of delivery to its customers.

"There will be no adverse impact to any of telent's other business and customers ... Existing contracts will be honoured and continue to run as normal, including the two biggest contracts with Openreach and Gigaclear.

"All workers involved in the joint venture not currently employed by telent will transfer to telent, securing all jobs and delivery of the service. Subcontractors to the CtJV will continue to operate under their existing arrangements."

READ: Lite Access Technologies awarded large FTTP contract in UK

Mike Plotnikoff, chief executive at Lite Access, added: "...we expect that the developments at Carillion will have no material impact on our business and operational activities on behalf of BT's Openreach.

"Our teams continue to make excellent progress with the ramp up of our operational activities in the UK. Business development meetings to discuss significant fibre network roll out are currently taking place with UK telecoms operators and internet service providers."

Lite Access shares shed 6.57% to C$1.28 each.

View full LTE profile View Profile

Lite Access Technologies Timeline

Related Articles

Digital marketing
May 03 2018
Lots of marketing groups have pursued a 'buy and build' strategy and have become cumbersome as a result; Be Heard puts the emphasis on maintaining agility
UUV-Aquabotix_Hybrid-and-Endura-pic-757.jpg
June 18 2017
Brendan Martin talked underwater drone technology and commercialisation.
1510592057_gas-pipeline.jpg
November 13 2017
In the quarter, the power and electromechanical segment contributed revenues of $16.7 million,
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use