C&W posts revenue, EBIDTA increases in 2008/09 fiscal year

21 May 2009

UK-based telecoms group Cable & Wireless (C&W) has released financial results for the twelve months ended 31 March 2009, posting a 16% rise in revenue to GBP3.65 billion (USD6.28 billion) on the back of growth at both its Worldwide (formerly known as Europe, Asia and US) and CWI (formerly known as International) units. The company also noted that the consolidation of results for Scottish fixed line and broadband operator Thus and a beneficial foreign exchange effect had contributed to the growth. Group-wide earnings before interest, tax, depreciation and amortisation (EBITDA) also rose, up 35.9% year-on-year at GBP822 million, while EBITDA for the Worldwide unit was up 49% y-o-y at GBP326 million. C&W noted that EBIDTA across the board was ahead of its forecasts for the period. It has announced that it expects EBIDTA in the 2009/10 fiscal year to reach GBP1.025 billion.

The group reported that at the end of the twelve-month period its GSM subscriber base at its CWI unit had risen to 8.69 million, compared to 6.35 million a year earlier, while customers taking high speed internet services rose to 553,000 from 466,000. Of its majority-owned subsidiaries, the company’s Panamanian operations reported the biggest increase, with customers up 43% y-o-y to 2.34 million, while its Afghanistan-based joint venture Telecom Development Company Afghanistan (TDCA) reported an 83% rise to 3.31 million customers. Group-wide fixed line voice customers fell to 1.83 million, a 2.7% decline against end-March 2008.

United Kingdom, Cable & Wireless (UK)