Cable & Wireless, the global group which owns Cable & Wireless Communications, has seen half-year pre-tax profits jump 52% to £1.12 billion. Turnover jumped 15% to £3.38 billion.
The biggest problem for the group at the moment is the current turmoil in the Asian stock markets which has raised question marks over C&W’s Hong Kong operation: this business drives a large part of the group’s revenue and profit.
C&W is also rumoured to be a possible takeover target for BT, after BT’s planned merger with MCI in the US was wrecked by WorldCom’s higher offer (subscribers see BT/MCI Merger Collapses).
C&W: 0171 315 4495
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