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.”