- Home
- Telecommunications
- Cable & Wireless Revenue up 16%
Cable & Wireless Revenue up 16%
- By S Coward
- Published 21-May-09
- Telecommunications
- Unrated
Expects to progress further in 2010 despite the recession
ANNOUNCEMENT RESULTS FOR THE YEAR ENDED 31 MARCH 2009
* Group revenue up 16% to £3,646 million
* Group EBITDA before exceptionals £822 million up £217 million (36%), driven by: £138 million (23%) of growth, £78 million from Worldwide (formerly Europe, Asia & US) and £60 million from CWI (formerly International)
* £29 million (5%) of additional EBITDA following Worldwide’s acquisition of Thus and the associated EBITDA synergies
* £50 million (8%) from the beneficial effect of foreign currency translation on CWI Group, Worldwide and CWI EBITDA all ahead of our guidance for 2008/09. Worldwide EBITDA up 49% on last year to £326 million and CWI EBITDA up 11% to US$921 million
* Group EBITDA guidance for 2009/10 of approximately £1,025 million
* Strong balance sheet with excellent liquidity
* Recommended 13% increase in the full year dividend to 8.50 pence per share, with recommended final dividend of 5.67 pence per share
CHAIRMAN’S STATEMENT
Commenting on the results, Richard Lapthorne, Chairman of Cable and Wireless plc, said:
“Each of our businesses has produced another strong set of results. Worldwide has improved every aspect of its performance with growth in EBITDA and trading cash flow. This performance reflects management’s commitment to customer service, the
managed IP product set and continuing strong cost management.
Moreover, the integration of Thus, which we acquired in October 2008, is going well and is on track to deliver the synergies that we expected. “CWI has also taken a substantial step forward producing double digit growth in EBITDA. I’m particularly pleased with our performance in Panama, where we have grown our mobile revenue despite increased competition and also the progress of the ‘One Caribbean’ programme which has made a good start in reducing our cost base.
“We’re well aware that the recession provides a degree of uncertainty but our current view is that we have a robust set of plans that will allow us to progress further in 2009/10. Consequently, we’re guiding to an increase in EBITDA to over £1 billion and we expect a substantial increase in cash generation.
“Whilst our trading position is in good health, as announced last autumn we have postponed, but not cancelled, our value realisation plans until we can foresee a sustained period of normality returning to the credit and equity markets. In the meantime, we’ll continue to execute our plans, growing shareholder value as we go.
“Finally, we’re delighted to recommend a full year dividend of 8.50 pence per share, an increase of 13% on last year, demonstrating the Board’s confidence in the Group’s prospects.”
DOWNLOAD FULL RELEASE BELOW
Source: http://www.cw.com/
* Group revenue up 16% to £3,646 million
* Group EBITDA before exceptionals £822 million up £217 million (36%), driven by: £138 million (23%) of growth, £78 million from Worldwide (formerly Europe, Asia & US) and £60 million from CWI (formerly International)
* £29 million (5%) of additional EBITDA following Worldwide’s acquisition of Thus and the associated EBITDA synergies
* £50 million (8%) from the beneficial effect of foreign currency translation on CWI Group, Worldwide and CWI EBITDA all ahead of our guidance for 2008/09. Worldwide EBITDA up 49% on last year to £326 million and CWI EBITDA up 11% to US$921 million
* Group EBITDA guidance for 2009/10 of approximately £1,025 million
* Strong balance sheet with excellent liquidity
* Recommended 13% increase in the full year dividend to 8.50 pence per share, with recommended final dividend of 5.67 pence per share
CHAIRMAN’S STATEMENT
Commenting on the results, Richard Lapthorne, Chairman of Cable and Wireless plc, said:
“Each of our businesses has produced another strong set of results. Worldwide has improved every aspect of its performance with growth in EBITDA and trading cash flow. This performance reflects management’s commitment to customer service, the
Moreover, the integration of Thus, which we acquired in October 2008, is going well and is on track to deliver the synergies that we expected. “CWI has also taken a substantial step forward producing double digit growth in EBITDA. I’m particularly pleased with our performance in Panama, where we have grown our mobile revenue despite increased competition and also the progress of the ‘One Caribbean’ programme which has made a good start in reducing our cost base.
“We’re well aware that the recession provides a degree of uncertainty but our current view is that we have a robust set of plans that will allow us to progress further in 2009/10. Consequently, we’re guiding to an increase in EBITDA to over £1 billion and we expect a substantial increase in cash generation.
“Whilst our trading position is in good health, as announced last autumn we have postponed, but not cancelled, our value realisation plans until we can foresee a sustained period of normality returning to the credit and equity markets. In the meantime, we’ll continue to execute our plans, growing shareholder value as we go.
“Finally, we’re delighted to recommend a full year dividend of 8.50 pence per share, an increase of 13% on last year, demonstrating the Board’s confidence in the Group’s prospects.”
DOWNLOAD FULL RELEASE BELOW
Source: http://www.cw.com/
