Feeds

Revenues up at C&W

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

Beginner's guide to SSL certificates

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

Beginner's guide to SSL certificates

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
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.