Communications company Cable & Wireless (CWC.L) announced third quarter results and said it continued to have confidence in its outlook for 2014 with mobile revenue up 4% across the group and particularly strong sales in Monaco and the Carribean. Also having an impact is the companies current cost reduction program.
The highlights of their interim management statement included:
· Mobile revenue up 4% across the Group driven by strong data growth
· Continued momentum in Jamaica, mobile subscribers up 23% on prior year
· Driving further cost efficiency in Caribbean, operating costs 11% lower in Q3
· Group trading performance in line with outlook
Commenting on the Group results, Tony Rice, Chief Executive of Cable & Wireless Communications Plc, said:
“Our first half was characterised by an impressive performance in our mobile business and good progress on our cost reduction programme. Growth in mobile revenue and EBITDA of 3% for the Group was a strong result given competition and other market challenges we faced.
We are setting the standard for mobile data in our markets, and customers are responding. Mobile data revenue rose 29% over the half with all regions seeing growth. We are continuing to invest in mobile data, particularly in Long-Term Evolution (LTE) networks, which we launched in Monaco recently and will launch in The Bahamas and Cayman in the second half.
“We continue to improve in Jamaica, particularly in mobile where our customer base is up 23% and mobile service revenue rose 14% at constant currency during the half. We are presenting innovative products to our customers, and have successfully positioned our business as the ‘value’ provider, in a very price sensitive market.
Our productivity and efficiency programme has started well. The Caribbean has been the focus with operating costs reducing by US$18 million in the first half and we expect to step up the pace in order to meet our US$100 million target. Centralising our regional operations in our new Miami office will be a key driver and I’m pleased to report we’ve made good progress in establishing our new regional hub.”
Communications company Cable & Wireless (CWC.L) announced third quarter results and said it continued to have confidence in its outlook for 2014 with mobile revenue up 4% across the group and particularly strong sales in Monaco and the Carribean. Also having an impact is the companies current cost reduction program.
The highlights of their interim management statement included:
· Mobile revenue up 4% across the Group driven by strong data growth
· Continued momentum in Jamaica, mobile subscribers up 23% on prior year
· Driving further cost efficiency in Caribbean, operating costs 11% lower in Q3
· Group trading performance in line with outlook
Commenting on the Group results, Tony Rice, Chief Executive of Cable & Wireless Communications Plc, said:
“Our first half was characterised by an impressive performance in our mobile business and good progress on our cost reduction programme. Growth in mobile revenue and EBITDA of 3% for the Group was a strong result given competition and other market challenges we faced.
We are setting the standard for mobile data in our markets, and customers are responding. Mobile data revenue rose 29% over the half with all regions seeing growth. We are continuing to invest in mobile data, particularly in Long-Term Evolution (LTE) networks, which we launched in Monaco recently and will launch in The Bahamas and Cayman in the second half.
“We continue to improve in Jamaica, particularly in mobile where our customer base is up 23% and mobile service revenue rose 14% at constant currency during the half. We are presenting innovative products to our customers, and have successfully positioned our business as the ‘value’ provider, in a very price sensitive market.
Our productivity and efficiency programme has started well. The Caribbean has been the focus with operating costs reducing by US$18 million in the first half and we expect to step up the pace in order to meet our US$100 million target. Centralising our regional operations in our new Miami office will be a key driver and I’m pleased to report we’ve made good progress in establishing our new regional hub.”
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