Cable & Wireless today demonstrated the benefits of consolidation within the cable industry when it posted pre-tax profits of £151 million for the year ended 31 March 1998, up 110% year on year. Total revenue increased by 12% to £2.283 billion.
Referring to the merger (see Cable Companies Merge) between Cable & Wireless, Nynex Cablecomms, Mercury Communications and Bell Cablemedia to create Cable & Wireless Communications, chief executive Graham Wallace commented: “The merger created the critical mass necessary to invest in marketing, service and infrastructure. The brand launch was very successful…£1 billion in capital investments have been made, refocusing on key growth areas such as data and digital television services.” Cost savings in the first year of the merger are put at £136 million.
C&W Communications also said that the its launch of Movies on Demand services was more successful than envisaged.
C&W Communications: 0171 528 2596
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