CWC's quarterly sales up 1% to USD595m

12 Feb 2016

Cable & Wireless Communications (CWC) has issued a brief trading update for the third quarter of FY2015/16, reporting consolidated revenue of USD595 million for the three months ended 31 December 2015, up 1% year-on-year. Mobile services generated 40% of total group revenue, followed by fixed voice (14%), broadband (13%), video (8%) and wholesale (8%). Managed services contributed the remaining 17% of CWC’s top-line.

In operational terms, CWC reported a consolidated mobile user base of 4.109 million at 31 December 2015, up from 3.979 million one year earlier. Broadband subscribers increased from 648,000 to 690,000 in the year under review, with video (pay-TV) customers reaching 474,000 (456,000) and fixed voice users totalling 1.127 million (1.129 million).

CWC says that the rebranding of its legacy operations from LIME to Flow has now been completed in Barbados, the Cayman Islands, Dominica, Jamaica, Saint Kitts & Nevis, Trinidad & Tobago, Anguilla and Antigua & Barbuda. Going forward, it will complete the process in the remaining ECTEL markets of Grenada, Saint Lucia and Saint Vincent & the Grenadines by the end of this current fiscal year. Further, the telco notes that regulatory processes in relation to the proposed acquisition of CWC by Liberty Global are ongoing, and the deal is expected to be completed ‘in the second calendar quarter of 2016’.

Phil Bentley, CEO of CWC, commented: ‘In the third quarter we saw significant EBITDA growth of 16%, underpinned by cost synergies, while Project Marlin investments – which have now passed their peak level – continued to improve our network infrastructure, delivering better resilience and speeds to our customers, and carrying 104% and 42% more traffic on our mobile and fixed networks, respectively, compared to last year’.

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