Original URL: http://www.theregister.co.uk/2012/02/16/cable_and_wireless_worldwide_interim_statement/

Ex-Vodafone exec promises shake-up at Cable & Wireless Worldwide

New chief unveils plans to fix ailing carrier

By Kelly Fiveash

Posted in Financial News, 16th February 2012 16:43 GMT

Cable & Wireless Worldwide (CWW) issued a bullish interim statement to the City this morning from its new CEO Gavin Darby.

The carrier is currently being eyed up by mobile giant Vodafone, for which Darby once worked as its UK boss.

CWW was cut loose from Cable & Wireless in early 2010. Since then there have been a few changes of management at the telecoms firm.

"I aim to address our recent underperformance by re-focusing our objectives on cash generation and return on capital whilst continuing to deliver for our customers," said Darby.

CWW said trading had been in line with management expectations for the three months ended December 2011, with its full year outlook remaining unchanged.

The company said it was on track to increase its hosting capacity in the UK.

"Actions to reduce operational expenditure, reprioritise capital expenditure and deliver sustainable cash generation are underway. We have designed a new operational model which will focus our leadership team on cash generation and we have continued to enhance the leadership team," added Darby.

"We are working on a number of medium term strategic initiatives aimed at enabling future growth, reducing complexity and structurally reducing the cost base. We will update the market on progress on these initiatives in May." ®