C&W doubles net income as turnaround starts to take hold

24 May 2007

Cable & Wireless has revealed that net income for the year ending March 2007 more than doubled year-on-year to GBP174 million (USD345.7 million) from GBP76 million. Sales were up 3.7% to GBP3.4 billion reflecting gains from its international broadband and wireless operations. EBITDA grew 6.2% to GBP414 million, and the company issued an EBITDA forecast for the year ending March 2008 in the range of GBP573 million to GBP608 million. Referring to the results, the company said it was an ‘encouraging start’ to its turnaround, and the plan that includes cutting 3,000 jobs is ‘ahead of schedule’.

United Kingdom, Cable & Wireless (UK)