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Cable & Wireless hails recovery

Swings and roundabouts...

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Cable & Wireless said results for the six months ended 30 September 2006 showed the company turnaround was on track.

Revenues grew by £237m to £1.7bn mainly because of the takeover of Energis. But total operating costs grew by £217m to £1.5bn. This left group Ebitda with a 10 per cent increase to £221m.

Pre-tax profit was £134m, down from £175m for the same period last year.

The interim dividend for shareholders goes up 21 per cent to 1.7 pence per share.

The group wrote off a charge of £22m for restructuring as a result of redundancies and its departure from the retail broadband market - it sold Bulldog in September.

Cable & Wireless said its UK business, serving enterprise and network companies, is in "the recovery phase". "This phase comprises three areas: improving our service, managing our costs and simplifying our business."

The customer reduction programme, yes really, is going well. Cable & Wireless has reduced numbers to 14,566 customers, ahead of targets of 18,000 customers. Its final target is to serve just 3,000 UK customers.

Looking forward the company said it expects results in line with expectations and still hopes to build a business with £2bn in revenues and double digit operating profit.

Full results available from C&W (as a pdf.) here. ®

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