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Cable & Wireless WW (CW.)

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Tuesday 20 July, 2010

Cable & Wireless WW

Interim Management Statement

RNS Number : 5871P
Cable & Wireless Worldwide PLC
19 July 2010
 

20 July 2010

 

 

Cable & Wireless Worldwide plc Interim Management Statement

 

In the first quarter our major programmes and lines of business performed broadly in line with plan.

 

However, following the new Government's Emergency Budget in late June, non-contracted spending in the UK public sector has slowed very significantly.  Given the nature of our public sector business, this reduction will adversely impact trading in the current year.  Nevertheless, we are supportive of the overall approach being adopted by Government and believe that our unique product set provides us with significant opportunity in this area over the medium term. 

 

In light of the downturn in public sector activity, we have stepped up our cost reduction initiatives and now expect total operating expenditure to reduce year-on-year.

Overall, we expect somewhat slower growth in EBITDA for the full year, with our forecast now around the lower end of the range of expectations.  Our expectations for operating cash flow have moved in line with the change in EBITDA outlook.

ENDS

 

 

 

Contacts:

 

Kieran McKinney, Head of Investor Relations                   020 8243 4700   or   07822 806049

James Hill, Head of Financial PR                                       07822 807 448

John Kiely, Smithfield Consultants                                      020 7360 4900

 

 

 

Investor and Analyst Conference Call Details:

 

 

Date:               Tuesday 20 July 2010

 

Time:              8.00 (UKT)

 

Details:           Cable & Wireless plc Interim Management Statement

                        UK:      +44 (0)20 7162 0026

                        USA:   +1 334 323 6201

                       

Code: 871206

 

Pre-registration is available at: https://eventreg1.conferencing.com/webportal3/reg.html?Acc=190536&Conf=173818

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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