C&W ‘on track’

10 Feb 2009

Cable & Wireless (C&W) has said it is on track to achieve its full year group earnings outlook and is well positioned for 2009 and 2010. ‘Our two businesses are performing very much in line with our expectations,’ chairman Richard Lapthorne said in a statement. ‘We remain alert to the economic environment but we continue to trade strongly.’ The group also said the acquisition of smaller rival Thus Group had gone well and that it still expected about 600 employees to leave the business as part of the deal. The group said it was on track to achieve its outlook for group earnings before interest, tax, depreciation and amortisation (EBITDA) of at least GBP780 million (USD1.154 billion). C&W said its Europe, Asia and U.S. unit had maintained its progress, winning new business and increasing its market share, while its international unit was benefiting from a wide geographic spread, new products and a rising customer base. C&W also announced in November that it had postponed its demerger plans due to the turmoil in the financial markets.

United Kingdom, Cable & Wireless (UK)