CWC.L Share News (CWC)

Cable & Wireless Communications (CWC) said Tuesday that it continued to have a 'confident' outlook for the 2014 financial year, helped by the progression of its cost reduction plan. The telecommunications service provider said that since September 30th mobile revenue rose 4% across the group, driven by strong data growth. Regionally, a 23% increase in mobile subscribers helped to boost momentum in Jamaica, where third quarter mobile service revenue rose 42% on the prior year in local currency.In the Caribbean, operating costs fell 11% in the quarter, aided by its decision to outsource its field services teams in a number of businesses, which is expected to benefit the run rate into the 2014/15 financial year. Monaco also continued to perform strongly in the quarter with a good mobile performance and beneficial currency rates.A statement from CWC read: "During the period, we have successfully launched LTE [long term evolution] services in Cayman and the Bahamas, whilst also introducing faster mobile data networks in Antigua; progressing our plan to provide fast internet services across all our Caribbean businesses. "In Panama, we continued to see mobile data revenue rise in the first quarter and are well placed to benefit from the spectrum purchase previously announced. Our island-wide fibre roll-out in Barbados and Cayman continues to progress, making our super-fast broadband offering [...] available to more and more customers." Overall, the group has traded in line with its expectations. NR