3 Feb 2015 16:00
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Don't have an account? Click here to register.Cable & Wireless swings to first half loss
Thu, 05th Nov 2015 10:37
(ShareCast News) - Cable & Wireless swung to a pre-tax loss in the first half on the back of costs related to its acquisition of Columbus Communications.For the six months ended 30 September, the telecommunications company posted a pre-tax loss of $1m (£650,000), compared with a profit of $132m in the same period a year ago.Still, revenue rose 4% to £1.18bn thanks to an "excellent" performance in the Caribbean, which is the group's largest region and where core earnings rose 22%.Group earnings before interest, tax, depreciation and amortisation increased 4% to $427m.The company said it now expects cost synergies of $125m from its acquisition of Columbus, up from a previous estimate of $85m.C&W did not declare an interim dividend, pointing to ongoing discussions with Liberty Global regarding a possible shares and cash offer for the company. However, it said it will declare an interim dividend of 1.33 cents per share if discussions with Liberty are not fruitful.Chief executive Phil Bentley said: "Our company has significant growth and synergy potential. Whilst we are in the first phase of our 3 year plan, we are pleased with initial progress and expect to deliver a strong second half and full year performance in line with outlook."We remain on track with our 3 year plan and are confident our business model will deliver significant long-term shareholder value creation."At 1055 GMT, C&W shares were up 0.5% at 74.45p.
More News
9 Jan 2015 06:20
15 Dec 2014 09:29
Monday broker round-up
Ashtead Group: Berenberg raises target price from 1170p to 1345p and keeps its 'buy' recommendation. Aviva: Citi increases target price from 590p to 620p and maintains a 'buy' recommendation. Bellway: Deutsche Bank ups target price from 1760p to 1778p and reiterates its 'hold' recommendation. Berk
Read more20 Nov 2014 21:44
Cable & Wireless helped Britain spy on the world -Channel 4
LONDON, Nov 20 (Reuters) - Telecommunications firm Cable & Wireless helped Britain eavesdrop on millions of Internet users worldwide, Channel 4 reported on Thursday, citing previously secret documents leaked by a fugitive former U.S. National Security Agency contractor. Cable & Wireless, wh
Read more20 Nov 2014 11:50
Cable & Wireless closer to acquiring Columbus International, downgraded to hold by Deutsche Bank
Cable & Wireless Communications (CWC) is a step closer to completing its acquisition of Columbus International Inc, a leading, privately owned fibre-based telecommunications and technology provider that operates in the Caribbean, Central America and the Andean region. CWC agreed the terms of the con
Read more18 Nov 2014 09:42
Tuesday broker round-up
Aggreko: HSBC raises target price from 1550p to 1650p and maintains a neutral rating. Al Noor Hospitals: Citi initiates with a target price of 1240p and a buy recommendation. Barclays: Credit Suisse ups target price from 230p to 250p and keeps a neutral rating. Bodycote: JP Morgan cuts target pric
Read more14 Nov 2014 10:06
14 Nov 2014 06:16
13 Nov 2014 16:49
Flush from Columbus win, C&W says set to take battle to Caribbean rival
By Kate Holton and Paul Sandle LONDON, Nov 13 (Reuters) - Cable & Wireless Communications Plc believes its expensive victory in the battle to buy broadband and TV provider Columbus will give it the heft it needs to take on fierce rival Digicel in the Caribbean. C&W, which has sold ope
Read more13 Nov 2014 16:30
11 Nov 2014 11:37
11 Nov 2014 10:20