C&W issues profit warning

10 Oct 2005

Shareholders in Cable & Wireless (C&W) are pushing the company’s management to reinstate its share buyback programme after its share price fell 15% on the back of a profits warning. C&W on Friday issued a trading update that warned UK revenues would be down 6% year-on-year in the six months to 5 September 2005. Additionally, the telco has warned that its GBP710 million acquisition of rival Energis would face delays due to an investigation by competition authorities. C&W says it will provide an update on share buybacks when it publishes its interim results in November.

United Kingdom