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CWC dividend cut to four cents
SHARES in Cable & Wireless Communications soared by 19 per cent yesterday after the company said it will halve its dividend to four cents.
CWC boss Tony Rice told City A.M., “We wanted to set the dividend at a sustainable level, capable for growth. It was previously set at too high a level for the world we are entering.”
The announcement came as CWC posted an 18 per cent rise in revenue to $2.9bn (£1.85bn) as earnings grew five per cent to $901m, although profits fell by three per cent to $326m.