C&W first quarter shows growth across region
(CNS Business): Cable & Wireless Communications announced revenue is up and trading in line with outlook and Columbus integration was progressing well, according to their recently released interim results. The data gives a detailed analysis on the first quarter performance and financial position since the year ended 31 March. The update revealed revenues of US$583 million are up by 4%. CWC (excluding Columbus) revenue grew by 2% and for Columbus up 12%.
However, mobile revenue fell flat against the prior year, with mobile data up 16% and 5% subscriber growth. LIME revenue growth of 10% was offset by a 9% decline in BTC (Bahamas Telecommunication Company) due to reduced roaming rates. The data also revealed that there was 7% broadband and 2% video subscriber growth across group.
The report showed that LIME growth was driven by continued subscriber additions in Jamaica (+17%) where investment in CWC’s mobile network led to revenue growth of 24%. In the analysis it listed the company’s latest LTE market, Antigua where mobile data grew by 100%.
“In the First Quarter we have made a good start on integration and have maintained momentum through organic growth,” stated Phil Bentley, Chief Executive of CWC. “Mobile revenue was flat against the prior year and good progress was made in broadband and video. In Panama, we saw a delay in Government contracts being awarded.”
However, he explained that the company has invested in their Latin American managed services sales and marketing teams and continued to see strong revenue growth there.
“Cost synergies have been identified and embedded in management targets for the year; a new retail store format has been developed with plans in place to harmonise our product offering under the FLOW brand; and early results from cross-selling initiatives have been positive. Based on the First Quarter’s trading we maintain our guidance for the year,” Bentley stated.
Interim results for the period ending 30 September are expected to be announced on 5 November.
Category: ICT, Technology
