Cable & Wireless issues revenue warning

Britain's Cable & Wireless said today it expected first-half revenue at its global division to fall six per cent, against…

Britain's Cable & Wireless said today it expected first-half revenue at its global division to fall six per cent, against guidance of zero to 10 per cent growth given in May, as market conditions remained grim.

The troubled telecoms firm, which has released three profit warnings over the past 18 months, said the resulting loss in earnings before interest, tax, depreciation and amortisation for the period would be towards the bottom of its own expected range.

It gave no further details.

The firm said it would cut capital expenditure at the division, which supplies Internet-based services for big businesses in the US, Europe and Japan, by at least a further $306 million for the current financial year.