C&W on target for forecasts
Telecoms firm Cable & Wireless Worldwide is comfortable with full-year expectations after posting first-half sales and earnings in line with forecasts despite pressure from cuts to UK public spending.
The company, which concentrates on the global corporate market and has a large presence in Britain, said the "satisfactory" results had been held back by the challenges in the UK public sector but said they had developed good momentum by the end of the first half. The group posted revenues down 1.6 per cent to 1.12bn. It said earnings before interest, tax and amortisation were up 4.4 per cent to 214m.
Meanwhile, the London-based business announced data and telephony contract wins with retailer Boots and Tesco Bank.