Cable & Wireless International Half-Year Results - Strong Growth Continues in the East Caribbean
Cable & Wireless International (CWI), the world’s leading full service telecoms provider for small to medium markets, today announced its third consecutive six-month period of revenue growth, with growth in mobile and broadband outstripping declines in fixed line voice services.
Revenue increased 7% to US$1,211 million, with mobile revenue up 20% to US$436 million and broadband revenue up 33% to US$88 million. EBITDA increased 6% to US$398 million.
CWI also confirmed mobile customers grew nearly 1.5 million to more than 5.7 million and broadband customers increased 30% to 439,000.
Commenting on the half-year results, Chris Hetherington, Chief Executive, Americas & Caribbean, said: “Our businesses in the East Caribbean continued to perform well as mobile and broadband revenue and customer numbers continued to increase. Thanks to the hard work and preparation of the team, our networks performed exceptionally well during the recent hurricane.”
CWI’s key milestones for the six months to 30 September 2007 include:
• CWI is the market leader in 19 of the 26 mobile markets in which it operates. In June 2007, it launched in the British Virgin Islands achieving a 41% market share in just four months, while in July 2007 it launched new mobile services in the Isle of Man, making CWI the only telecoms provider serving the offshore financial centres of Guernsey, Jersey and the Isle of Man.
• CWI is the retail market leader in all 26 broadband markets in which it operates. The introduction of a portfolio minimum broadband standard offering of 1Mbps provides the platform to upgrade to an 8Mbps capability during 2008.
• In Panama, CWI substantially grew its revenue and profits. It also further increased its mobile market leadership position, recording a 65% year-on-year rise in customers from 789,000 to 1.3 million.
• In Macau, CTM maintained its strong performance increasing revenue and profit. It grew its mobile and broadband customer base by 19% and was the first to market with the launch of 3G services in June.
• In the Caribbean – where broadband customers grew 43% to 180,000 – CWI introduced a new single broadband brand and streamlined its consumer and business packages from 79 to six, offering higher speeds at lower costs.
• In Jamaica, the new Chief Executive – appointed in August 2007 – and his new senior management team began to implement an action plan focused on improving customer care, service quality, channels-to-market, products and pricing.
• In Monaco, the re-negotiation of the licence agreement was successfully completed in September. This followed a re-brand of Monaco Telecom and the launch of a new retail ‘look and feel’. Monaco Telecom also launched a guaranteed 15 Mbps broadband product.
• Capital expenditure increased 14% to US$161 million, over 70% of which was invested in mobile and broadband infrastructure including network expansion in Panama, Monaco and the Caribbean, plus the launch of 3G services in Macau.
CWI has almost 8,000 employees and ensures that its businesses are predominantly managed by local people. CWI’s aim is to be the telecoms provider of choice in all of its markets by offering its customers simple to use, innovative and value for money services.
About Cable & Wireless
Cable & Wireless is one of the world’s leading international communications companies. It operates through two stand-alone business units – International and Europe, Asia & US.
The International business unit operates integrated telecommunications companies in 33 countries offering mobile, broadband, domestic and international fixed line services to residential and business customers, with principal operations in the Caribbean, Panama, Macau, Channel Islands and Monaco.
The Europe, Asia & US business unit (formerly known as the "UK" business) provides enterprise and carrier solutions to the largest users of telecoms services across the UK, US, continental Europe and Asia and wholesale broadband services in the UK. With experience of delivering connectivity to 153 countries - and an intention to be the first customer-defined communications services business - the focus is on delivering customers a service experience that is second to none.
