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Strategies & Market Trends : Cable and Wireless (CWP)

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To: Paul Lee who wrote (152)	5/15/2002 3:12:03 AM
From: CIMA	of 162

C&W chairman departs, £4bn writedown, results in line Cable & Wireless (London: CW.L - news - msgs) , the UK-based telecoms provider, announced on Wednesday full-year results in line with a February revenue warning. It said its chairman would step down at the end of the year. The company also wrote down its fixed assets by £2bn, mainly in its Global IP data services division, and wrote down goodwill by £2bn relating to acquisitions made between 1998 and 2000. C&W said Sir Ralph Robins would be replaced as chairman by David Nash, a non-executive director. Robert Lerwill, Finance Director, would relinquish that role and concentrate on his other post of chief executive of the Regional business. Group revenues for the year were £5.91bn and there was a profit before tax, exceptionals and goodwill amortisation of £61m. Looking ahead, the company said revenues in the Global division in the current half should be flat to 10 per cent higher than the previous half.

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