C&W rings in profit
UK telecoms carrier Cable & Wireless (C&W) bounced back into the black today as full-year results highlighted progress made since a painful restructuring two years ago.
C&W, which has shed thousands of jobs in recent years, said it achieved bottom-line profits of £363m (€527.6m) in the year to March 31, compared with losses of £224m (€325.6m). It last recorded profits in 2001.
Stripping out exceptional items, C&W said operating profits from continuing operations rose by 20% to £277m (€402.6m).
The group, which has pulled out of the US market and heavily restructured its UK business, said its confidence was highlighted by a full-year dividend to shareholders of 3.8p a share, up 21% on a year earlier.
Chairman Richard Lapthorne said the company had “delivered on promises” it made in June 2003, describing the past 12 months as a time of transition.
He added: “By the end of the year, the chief executive and his new team were no longer preoccupied with the issues of the company’s past, and had turned confidently to face the future.”
