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Cable & Wireless is starting its journey back from the dead. The company is going back to paying a dividend 3.15p a share - six months sooner than expected.

Revenue in the UK held up well for the first time in three years. It has successfully withdrawn from the US market and Yemen. But the Caribbean saw increased competition and more pressure on revenue.

Group revenue was £3.4bn, down 8 per cent on last year, and the company made a profit before exceptional items of £226m, versus a loss of £42m last year.

The UK managed break-even cash flow, against a loss of £225m last year, thanks to a reduction in expenditure of £101m and tighter controls on working capital. Restructuring in the UK continues and the company says the recent acquisition of Bulldog is part of that process.

C&W chairman Richard Lapthorne said: "Eighteen months ago Cable & Wireless was regarded as down and out. Today that is not the case..."

Cable & Wireless and its insurance subsidiary Pender continue to pursue legal action against five companies and six individuals.®

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