Cable & Wireless targets cost cuts

Suzie Neuwirth

CABLE & Wireless Communications today announced that pre-tax profits had risen to $35m (£23m) compared to $117m losses the previous year, but revenues fell four per cent.

The British telecoms company recently divested its Monaco & Islands and Macau businesses and is targeting $100m of cost reductions as part of its plan to streamline the business.

“The group is now focused on a single region with low penetration for data services and strong growth potential where we have scale and market leadership,” said chief executive Tony Rice.

“This focus will create a more unified, effective and cost-efficient group. It will enable us to transform how we operate our businesses as we create an organisation structure and operating model that addresses the demands of a data driven market and can be scaled for growth. “