Cable & Wireless revenue up on broadband growth

 
Caitlin Morrison
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Cable & Wireless Communications (CWC), the telecoms group active in the Caribbean and Latin America, yesterday said demand for broadband and video helped it grow in the first quarter, as mobile revenue stalled.

CWC, which bought rival Columbus earlier this year, said group revenue grew four per cent to $583m (£374m) in the three months to the end of June.

Revenue, excluding Columbus, grew by two per cent, while Columbus’ revenue was up 12 per cent.

Analysts at Jefferies said the update revealed a steady performance, with the company confident it was on track to meet consensus full-year expectations for revenue of $2.49bn and core earnings of $928m.

Phil Bentley, CWC chief executive, said: “We have made a good start on integration and have maintained momentum through organic growth.”

He added that, based on trading in the first quarter, guidance for the year is maintained.

Shares in CWC were down by 2.17 per cent yesterday.