Feeds

C&W in £1.5bn share buy back

Which is nice

  • alert
  • submit to reddit

Reducing security risks from open source software

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. ®

Eight steps to building an HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
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.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.