Feeds

Revenues up at C&W

No, we're not for sale. No, really, we're not

Security for virtualized datacentres

Cable & Wireless has played down suggestions of a planned takeover as the firm announced that it more than doubled its annual pre-tax profits to £249m.

The telecoms group, which has been dogged by takeover rumours for the past few months, said on Thursday that it had achieved 'better-than-expected' progress in the turnaround of its UK operation.

C&W said that net income for the year to 31 March was £174m, up from £76m a year ago. Revenues increased 3.7 per cent, or £118m from £3.23bn a year ago to £3.35bn.

The company posted underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of £492m for the year to 31 March, up 20 per cent versus the previous financial year. It forecast that EBITDA for 2007/08 will be in the range of £573m to £608m.

C&W chief executive Richard Lapthorne attributed the firm's strong profits to its restructuring programme, which has led to 3,000 redundancies and a splitting of the business into two distinct divisions.

"It's been a good year. The success of the structural changes we made a year ago is there for all to see. International has performed well delivering growth in customers and revenue and, as a result, improved EBITDA.

We have made a very encouraging start to the Europe, Asia and US turnaround and we now have sufficient visibility to believe that we'll deliver on our ambitious targets. All of which reinforces our confidence in our future prospects, which is reflected in the dividend," said Lapthorne.

"I'm delighted to announce that we're recommending a 34 per cent increase in the final dividend to 4.15 pence, which with the interim of 1.7 pence gives a full year dividend of 5.85 pence, an increase of 30 per cent over 2005/06," he added.

The company also played down rumours of a takeover of the firm, with finance director Tony Rice telling reporters that it was simply "market mischief-making."

© ENN

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
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?
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.