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Annual Results

CWC earnings up

20 May 2015 07:39

Cable & Wireless Communications' group revenues rose to US$1.8bn in the year to the end of March - up 4% on last time and reflecting strategic progress.

Group EBITDA rose by 7% to US$585m and margins increased by 1 ppt to 33%.

Chief executive Phil Bentley said: "2014 was a year of transformation and growth for Cable & Wireless Communications (CWC). We created a new senior executive team operating out of our new Miami hub.

"We developed a new vision and strategy for the Group, backed by our US$1 billion 'Project Marlin' investment programme. We began to execute a performance improvement plan and deliver our strategy to grow. The team's hard work has started to deliver results as we saw top-line growth for the first time since demerger and EBITDA margins improve.

"In addition to our improved operating performance, we completed the sales of our Monaco Telecom business for US$445 million in May 2014 and our stake in Solomon Telekom for US$16.5 million in October 2014, and, through the acquisition of Sonitel in Panama for US$41 million, added our first acquisition in support of our Business Solutions division. Most importantly, in November 2014, we announced an agreement to acquire Columbus International Inc. (Columbus) for US$3.025 billion, which was completed on 31 March 2015.

"This is a transaction that transforms CWC, and is one that will accelerate the delivery of our strategy across the Caribbean and Latin America. Columbus is an outstanding business, backed by a state-of-the-art terrestrial and submarine fibre network. Our complementary fixed line and mobile networks and our focus on providing the best customer service, bringing together the skills and capabilities of over 7,500 team members, will position us better to serve our customers and improve the ICT infrastructure of the communities in which we operate.

"We have made good progress in executing our strategy and we are beginning to uncover the full potential of our business. CWC is on the way to becoming a better company - a genuine quad play operator, with strong market shares in the geographically focused and attractive Caribbean and Latin American markets. We see good long-term growth prospects across Consumer, Business Solutions, and Networks businesses, underpinned by our differentiated submarine and terrestrial fibre networks and full service offering.

"Overall we are pleased with the results following the first year of our new strategy, but there remains much to do to realise the full potential of the business."

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