CWC.L Share News (CWC)

Cable & Wireless said it was trading in line with expectations with continued date usage growth across its portfolio.In an interim management statement for the three months to the end of June, the group has experienced improved mobile data revenue, most notably in Panama. With a renewed focus on the pan-America region, the firm increased its investments to improve services. Cable launched a 4G/HSPA+ service in St Lucia, the first player in the market to do so, and rolled out LIME TV in Cayman. The company said the announcement of a further reduction in mobile termination rates in Jamaica provided an important step in creating a level regulatory playing field for all market players. Following the launch of a competitive new price plan, the group has seen a pick-up in customer numbers. Market conditions in the rest of the Caribbean remain difficult, particularly in the Eastern Caribbean and Barbados. Monaco, however, is trading positively and in line with expectations."The major cost reduction plan we announced at the full year is proceeding as anticipated," the firm said. "Furthermore, we are already seeing the benefits of the restructuring performed last year, with opex in the Caribbean down 5.0% against the first quarter in the prior year."At the end of June, group net debt was $263m, a decrease of $1.38bn since March 31st following receipt of disposal proceeds.Last month the company completed the sale of its 51% stake in Companhia de Telecomunicações de Macau to CITIC Telecom International Holdings for $807m.Shares fell 1.25% to 40.94p at 11:09 on Thursday.RD