CWC reports FY2015/16 revenue of USD2.4bn

15 Jul 2016

Cable & Wireless Communications (CWC) has announced that it generated revenues of USD2.379 billion for the year ended 31 March 2016, up 2.1% from USD1.753 billion on an annualised basis. Adjusted EBITDA for the period under review jumped 11.0% from USD596 million to USD950 million, while net profit reached USD126 million, compared to loss of USD33 million in the year ended 31 March 2015. CWC credits the strong annual growth to its acquisition of Columbus Communications, and the resultant synergies, in addition to ‘further cost discipline across the remainder of our markets’. In connection with the Columbus integration, the telco notes that it generated net full-year synergy related cost savings of USD47 million, representing annual run-rate savings (i.e. the extrapolation of financial results into future periods) of USD87 million at 31 March 2016.

In operational terms, CWC increased its consolidated mobile user base from 3.820 million to 4.015 million at end-March 2016, while wireline customers edged up from 1.132 million to 1.137 million during the same period. Consolidated broadband subscribers surged from 658,500 to 695,700 on an annualised basis, and the company’s pay-TV customer base climbed from 459,600 to 473,600.

CWC was acquired by UK-based Liberty Global on 16 May 2016, and going forward, CWC will adopt Liberty Global’s accounting policies and its definitions for key performance indicators (KPIs) beginning with the earnings release to be issued for the three months ended 30 June 2016.