Cable & Wireless Worldwide issues profit warning

29 Jun 2011

Cable & Wireless Worldwide (CWW) has issued its third profit warning in 15 months. The company revealed that core earnings for the current financial year would be between 5% and 10% below market expectations due to delays in signing contracts and poor sales during the first ten weeks of the year. CEO Jim Marsh resigned on the back of the warning, and has been replaced by John Pluthero. ‘Clearly it has been a very difficult twelve months and it is now important that we take the necessary steps to ensure the future growth of our business,’ said Pluthero. ‘I’ll be looking to take a more radical approach to building on our hosting, cloud and data services business whilst becoming more competitive and efficient in the mature product areas.’

United Kingdom, Cable & Wireless Worldwide