Cable & Wireless International announces positive results

Cable & Wireless International (CWI) has produced some good results for the six months ended 30 September 2008. The Group announced its interim results to the London Stock Exchange on Monday 10 November.

Highlights include:

Total revenue increased by 5%to US$1,273 million with growth in mobile, broadband and enterprise services.
Gross margin grew to US$857 million, rising from 66% to 67%v of revenue
EBITDA* increased by 13% to US$448 million and now represents 35% of revenue
There is a continued push towards creating a truly competitive enterprise with a focus on service, brand and efficiency.

CWI has also announced that John Pluthero will step down as Executive Chairman to concentrate on his role as Executive Chairman of Cable & Wireless Europe. Tony Rice will take the role of the Chief Executive Officer of the International business on November 11. He will move to the position from his current role as Finance Director of Cable & Wireless Group, which includes responsibility for the Group’s Central division. He has held this position from April 2006, having previously served as a Non-Executive Director of the Company. In his new position as CEO of International, he will report to Richard Lapthorne, Chairman of Cable & Wireless Group.

Mr Rice has significant senior executive experience in the aerospace, healthcare and communications industries. He was Chief Executive of Tunstall Holdings Ltd, the world’s largest telecare and telehealth solutions business, from March 2002 until its sale in September 2005. He continued as a Non-executive Director of Tunstall until 5 April 2008. Prior to Tunstall, Tony served as an adviser to Orange (UK)., the mobile telecoms group and was a non-executive director at Telewest from 1998 to 2001. Prior to these roles, he served as Group Treasurer and the Group MD, Commercial Aircraft division of British Aerospace plc, and previously a number of other business and finance roles in BAe from 1986 to 2002.

He is also a Non-executive Director of Punch Taverns plc, the pub group, and Chairman of Alexander Mann, the private equity-backed recruitment group. He is also a Trustee of Help the Aged charity. Mr Rice holds an economics degree.

Eddie Saints, CEO of Cable & Wireless Channel Islands, Isle of Man and Bermuda, commented:

“The Group’s ongoing success is positive. In the Channel Islands, Isle of Man and Bermuda region our half year results were also ahead of plan driven by great performance in Guernsey and continued growth in our enterprise business across the region. In the second half of the year we expect to have mobile number portability in the Channel Islands and Isle of Man which will be positive because of our position as a value-driven, customer focused operator.”