Orchestream shares hit new highs

Customer list and soaring revenues offset increased net losses...

Orchestream's shares were boosted this morning on the back of increased revenues of £14.8m for 2001 - up from £2.7m in 2000. Despite turning in a net loss of £35m for 2001 - up from £10.5m in 2000 - and struggling in the ailing telecoms sector, its shares were up almost 18 per cent to 8.45p at 11:10(GMT). Traders on the London Stock Exchange also responded well to news that the company has signed new deals with Cable and Wireless and Saudi Telecom as well as renewing some existing contracts with customers such as Kingston Communications. The company also announced its CFO will be leaving to be replaced by Anthony Finbow, current senior VP.