Britain's Cable & Wireless said today that it expected first-half revenue at its global division to fall 6%, against guidance of zero to 10% growth given in May, as market conditions remained grim.
The 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 £200 million sterling to below £450 million for the current financial year.
