CWC hit by Caribbean woes

Steve Dinneen
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CABLE & Wireless Communications (CWC) said while there had been no major improvement in its key Caribbean market, it still expected to end its year broadly in line with forecasts.

The group, which also trades in Panama, Macau and Monaco, said that while tourist numbers were beginning to recover in the Caribbean, many were on cheaper packages and did not spend freely. Operations were also disrupted by hurricanes, it said.

CWC split from the former Cable & Wireless group last year. The remaining business, now called Cable & Wireless Worldwide, services corporate and government customers in markets in Britain, North America, Continental Europe, India and elsewhere.

CWC said it had maintained market share above 50 per cent in Panama despite competition. It has also seen good demand for its pay-TV service and the new revenue streams meant it should post a stronger second half there than the first, it said.

The firm also announced it has acquired a 51 per cent stake in Bahamas Telecommunications.