TELECOMMUNICATIONS giant Cable & Wireless today revived demerger proposals that will see the group split its UK and regional businesses.
Cable put the break-up plans on ice last November at the height of the financial crisis due to the stock market turmoil and credit squeeze.
Chairman Richard Lapthorne used the company’s half-year results to confirm plans to list the two operations as independent, publicly-quoted companies.
Cable’s worldwide business provides telecoms services to blue-chip customers in the UK and overseas, while the regional telecoms arm operates as four business units in the Caribbean, Panama, Macau and Monaco.
The company posted a 30% rise in half-year earnings to £463 million, but the improvement was overshadowed by a revision to full-year guidance in the regional business due to weaker Caribbean trading. Shares were 5% lower today.