Cable & Wireless Worldwide Posts Losses
Increase pension costs put Cable & Wireless Worldwide under pressure as it declared a pre-tax loss of £94m ($135m) for the year 2009-10. This was its first year as an independent Company. It split up from Cable & Wireless Communications earlier this year. It now focuses on the corporate market and has a strong presence in the UK market. Analysts are still mixed about the future prospects of the Company.
The Company maintains that its future prospects are very good and assures that it has built a lot of momentum and hopes to grow strongly in the future.
Some analysts felt that the Company is being over optimistic about its future. They pointed out its peers are generating better results and revenues. Its shares are currently up 2.25p at 78.1p but it is likely to face a lot of competition in the coming days from its competitors.
Other experts felt that its performance is reasonable and the Company can hope to do well in the coming times. It was also felt that if the global economic conditions improve, it will also help the Company post better results.
Telecom sector experts also feel that Companies like Cable & Wireless Worldwide are more likely to benefit from the increased demand for bandwidth in the coming days.
It also announced two new contracts including a £40m deal with Vertex.
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