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Cable & Wireless Comms steps up network investment

Wed, 21st May 2014 06:26

LONDON, May 21 (Reuters) - Cable & Wireless Communications said on Wednesday it would step up investment in itsnetworks in the Caribbean and Central America in a bid to returnto revenue growth and improve earnings.

The fixed and mobile operator unveiled its new strategyafter the group posted a 5 percent increase in full-year coreearnings to $608 million on like-for-like revenue of $1.87billion, down 1 percent.

The British company said it would increase capitalinvestments by $250 million over the next three years, taking total capex spending to $1.05 billion.

It said the investment was expected to deliver modest topline growth, reversing a historic declining revenue trend, andmid to high single digit compound annual growth in earnings inthe period. (Reporting by Paul Sandle; editing by Kate Holton)