Feeds

C&W in £1.5bn share buy back

Which is nice

  • alert
  • submit to reddit

The essential guide to IT transformation

Shares in alternative British telecoms carrier Cable & Wireless nudged up following confirmation that it will buy-back up to 15 per cent of its shares and issue a special dividend to investors.

News of the £1.5 billion offer had been widely expected as shareholders put pressure C&W to return some of the £4.1 billion in cash it has sloshing about.

Publishing its results for the six months to the end of September, the company said that revenue in Cable & Wireless Global - which delivers IP and data solutions to business customers in the UK, US, Continental Europe and Japan - was down five per cent on the same period last year.

Revenues from its large corporate customers grew by 11 per cent.

But revenue from service providers - which includes telecoms and Internet companies - sank eight per cent, reflecting the financial difficulties of many companies in this sector.

Group revenue slipped from £4.43 billion in H1 2000 to £3.31 billion in the first six months of this year.

Pre-tax profit before exceptional items was £83 million, down form £537 million on last year.

Graham Wallace, Chief Executive Cable and Wireless plc, said: "The strength of our balance sheet is a real competitive advantage in these turbulent times.

"We continue to implement our strategy, reduce the cost base and capital expenditure and position the group for profitable growth," he said.

By late afternoon shares were up 19.5p (5.64 per cent) at 365.5p. ®

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Scale data protection with your virtual environment
To scale at the rate of virtualization growth, data protection solutions need to adopt new capabilities and simplify current features.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?