CWC issues trading update; sales up 4% to USD583m in Q1 2015/16

28 Jul 2015

Cable & Wireless Communications (CWC) has issued a brief trading update for the first quarter of FY2015/16, reporting consolidated revenue of USD583 million for the three months ended 30 June 2015, up 4% year-on-year. Excluding the recently acquired Columbus International unit, sales increased 2% on an annualised basis; Columbus’ revenues surged 12% y-o-y. Mobile services generated the lion’s share of sales (40% of total group revenue), followed by fixed voice (15%), broadband (13%), video (9%) and wholesale (7%). Managed services contributed the remaining 16% of CWC’s top-line, following the acquisition of Panamanian IT solutions firm Sonitel in August 2014. CAPEX for the first quarter of the financial year stood at USD158 million, up 5% versus the year-ago period.

In operational terms, CWC reported a consolidated mobile user base of 3.835 million at 30 June 2015, up from 3.654 million one year earlier. Broadband subscribers increased from 622,000 to 655,000 in the year under review, with video (pay-TV) customers reaching 458,000 (449,000) and fixed voice users totalling 1.128 million (1.126 million).

Phil Bentley, CEO of CWC, commented: ‘In the first quarter we have made a good start on [the Columbus] integration and have maintained momentum through organic growth. Mobile revenue was flat against the prior year and good progress was made in broadband and video … Based on the first quarter’s trading we maintain our guidance for the year’.

United Kingdom, Cable & Wireless Communications (CWC, incl. Columbus Int.)