CABLE & Wireless Communications, the Caribbean and Central American telecoms operator, will lift its capital investments plan by $250m (£148m) as it looks to boost the business which it admitted was “trading below its full potential”.
The fixed and mobile operator reported a better-than-expected five per cent increase in full-year core profits to $608m and like-for-like revenue of $1.87bn, down one per cent.
“What is also clear is that the business is trading below its full potential. Although the rate of decline in fixed line voice is slowing, growth in our broadband and TV offer has been disappointing and our cost base remains uncompetitive,” said chief executive Phil Bentley who joined the business from his role as managing director of Centrica’s British Gas in January.
Cable & Wireless Communications’ shares rose one per cent to 54.95p yesterday.