CWW promises strategic scheme to save business
MENTION of Vodafone was conspicuously lacking in Cable & Wireless Worldwide’s interim statement yesterday after news of the possible buyout bid pricked ears on Monday, sending CWW’s share price up by almost half.
The telecoms group, which provides communication networks to 70 of the FTSE 100 companies, kept its full year outlook unchanged and said it would focus on reducing its business complexity. CWW comprises hundreds of networks, support systems and bespoke products.
Other turnaround targets include focussing on sustainable cash generation and returns from capital invested while increasing internal capability.
Chief executive Gavin Darby, who joined CWW in November, insisted the business is “fixable”. He said the company is “working on a number of medium term strategic initiatives” which will be announced in May.
Vodafone has until 12 March to “put up or shut up”.