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Trading statements

CWC revenues up

21 July 2015 07:35

Cable & Wireless Communications says it is trading in line with its outlook and that the Columbus integration is progressing well.

Interim results for the period ending 30 September are expected to be announced on 5 November.

The group's update on the first quarter performance and financial position since the year ended 31 March, shows revenues of US$583 million, up 4%. CWC (excluding Columbus) revenue grew by 2%, Columbus up 12%.

- Mobile revenue was flat against prior year with mobile data up 16% and 5% subscriber growth. LIME revenue growth of 10% was offset by a 9% decline in BTC due to reduced roaming rates. There was 7% broadband and 2% video subscriber growth across group.

Managed services revenue grew by 14% but government contract awards in Panama were slow.

Chief executive Phil Bentley said: "In the First Quarter we have made a good start on integration and have maintained momentum through organic growth. Mobile revenue was flat against the prior year and good progress was made in broadband and video. In Panama, we saw a delay in Government contracts being awarded. However we have invested in our Latin American managed services sales and marketing teams and continued to see strong revenue growth there. Cost synergies have been identified and embedded in management targets for the year; a new retail store format has been developed with plans in place to harmonise our product offering under the FLOW brand; and early results from cross-selling initiatives have been positive. Based on the First Quarter's trading we maintain our guidance for the year.

Story provided by StockMarketWire.com

Related Company: CWC

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