|£m||31 March 2011||31 March 2010||Change|
|Profit before tax, before exceptional items||143||116||23%|
|Earnings per share||7.9p||0.0p||nm|
|Trading cash flow 2||116||71||63%|
|Free cash flow 3||61||(1)||nm|
|Dividend per share 4||4.5p||–||nm|
This table should be read in conjunction with the explanatory notes below.
- EBITDA up 2.6% to £442 million
- Profit before tax, before exceptional items, up 23% at £143 million
- Delivered free cash flow of £61 million
- Hosting and Applications margin up 10%
- Final dividend of 3.0 pence per share recommended; full year dividend 4.5 pence
- Board intends to hold the annual dividend level at 4.5 pence until covered by free cash flow
- Extended relationship with Boots UK in an agreement to supply and manage a range of data and telephony services
- Won a three year contract with Babcock to consolidate their network estate and connect 250 UK and international sites
- Agreed framework contract to provide a highly resilient global network for the UK Government
- Launched ‘Flexible Computing’, our innovative cloud proposition
Jim Marsh, Chief Executive Officer, said:
“This year we passed the important milestone of turning cash positive for the first time with free cash flow generation of £61 million. EBITDA was up 2.6% to £442 million and profit before tax, before exceptional items, was up 23% to £143 million.
Looking forward into 2011/12 we expect trading cash flow growth to continue despite EBITDA remaining at the same level as 2010/11. The movement to cloud, along with the ongoing convergence between mobile and fixed line communications and the rapid growth in global data traffic create good opportunities for our business.”
- EBITDA is defined as earnings before interest, tax, depreciation and amortisation, LTIP credit/charge, net other operating income/expense, exceptional items and gains/losses on disposal of non-current assets and is reconciled to GAAP measures on page 24.
- Trading cash flow is defined as EBITDA, less cash exceptionals, less cash capex, adjusted for the movement in working capital and other items.
- Free cash flow represents net cash flow before repayment of and proceeds from borrowings other than finance leases, dividends paid and proceeds from share issues.
- Dividend per share represents proposed final dividend and paid interim dividend.
nm – not measurable.
All current financial results listed are for the year ended 31 March 2011. All references to ‘the prior period’, ‘the prior year’, ‘2010’, ‘last year’ and ‘2009/10’ mean the year ended 31 March 2010 unless otherwise specified.
Kieran McKinney Head of Investor Relations, Cable&Wireless Worldwide +44(0)208 243 4700
James Hill Head of Financial PR, Cable&Wireless Worldwide +44 (0)7822 807448
James Melville-Ross Financial Dynamics, Financial PR +44 (0)7909 684467
Further information about Cable&Wireless Worldwide is available at www.cw.com
Cable&Wireless Worldwide will hold its 2010/11 full year results presentation for analysts and institutional investors at 9.00am (UKT) on Tuesday 24 May 2011.
A live audio webcast of the presentation and the presentation slides will be available at www.cw.com
A live audio broadcast of the presentation will also be available by dialling in using the following number:
UK & International: +44 (0)20 7138 0837
To access this audio conference, you will need to quote the following confirmation code – 9246451.
Replay: +44 (0)20 7111 1244 code confirmation: 9246451#
A recorded video webcast of the presentation will be accessible at www.cw.com
For any further information or queries, please email email@example.com
Ex-dividend date for 2010/11 final dividend: 8 June 2011
Record date for 2010/11 final dividend: 10 June 2011
Payment date for 2010/11 final dividend: 11 August 2011
NOTES TO EDITORS
Cable&Wireless Worldwide (LSE: CW.) is a global telecoms company providing a wide range of highquality managed voice, data, hosting and IP-based services and applications to large multinational companies, governments, carrier customers and resellers across the UK, Asia Pacific, India, Middle East & Africa, Continental Europe and North America. Established in the 1860s, Cable&Wireless Worldwide helps more than 6,000 organisations deliver their goals. The Group’s vision is to be the first choice for mission critical communications.
Reaching 20,500km in length, Cable&Wireless Worldwide owns the UK’s largest fibre network dedicated to business users of telecoms, and provides ubiquitous nationwide access through a combination of fibre, digital, microwave, radio and leased circuits. The network has presence in over 400 towns and cities in the UK, with 864 unbundled exchanges covering 56% of the population.
Internationally, Cable&Wireless Worldwide’s global next-generation network (NGN) stretches to more than 425,000km, including interests in 60 global cable systems, enabling connectivity to more than 150 countries. The Group’s IP-based Multi-Service Platform operates at the core of our NGN, offering a single environment on which voice and data applications can be converged to drive business efficiencies. Cable&Wireless Worldwide’s network is uniquely designed with inbuilt resilience.
With more than 6,000 colleagues globally, Cable&Wireless Worldwide is committed to delivering exceptional customer service and developing long term partnerships with its customers.
To find out more, visit www.cw.com