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10/11/2004
Cable & Wireless to cut 600 jobs
Telecommunications company Cable & Wireless has announced that 600 jobs are to go across Europe and that its HQ in London will be relocated to Bracknell.
Facing tough and "challenging" trading pressures, the company is to further restructure the UK and Europe operation with job losses.
Announcing he was taking "direct control" in the UK and announcing the jobs cuts in a statement today, Cable & Wireless Chief Executive Francesco Caio said: “In total these reorganisations are expected to reduce headcount by around 600 across the UK and Continental Europe, subject to local consultation."
The group's interim half-year report revealed that although operating profit had increased by £14 million (8%) to reach £199 million, revenues in the comparable period last year had fallen by £11 billion (2%) from 1.73 billion to 1.62 billion.
Mr Caio said: “We have achieved a great deal in fixing the legacy issues we inherited, controlling cash and reshaping the group as a more flexible, customer responsive entity that is equipped and ready to compete in the new telecoms landscape. We have stabilised business performance and conserved cash, while making targeted investments to deliver what our customers want."
He added: “In the UK although business revenue was held back by weak performance and pricing pressure, enterprise revenue was stable over the second half of 2003/4."
The telecoms group has shed almost a quarter of the company's employees as part of a major restructuring plan commenced 18 months ago aimed at substantially trimming operating costs.
As employee consultations are ongoing, the company have not released precise details of the latest job cuts.
(SP/MB)
Facing tough and "challenging" trading pressures, the company is to further restructure the UK and Europe operation with job losses.
Announcing he was taking "direct control" in the UK and announcing the jobs cuts in a statement today, Cable & Wireless Chief Executive Francesco Caio said: “In total these reorganisations are expected to reduce headcount by around 600 across the UK and Continental Europe, subject to local consultation."
The group's interim half-year report revealed that although operating profit had increased by £14 million (8%) to reach £199 million, revenues in the comparable period last year had fallen by £11 billion (2%) from 1.73 billion to 1.62 billion.
Mr Caio said: “We have achieved a great deal in fixing the legacy issues we inherited, controlling cash and reshaping the group as a more flexible, customer responsive entity that is equipped and ready to compete in the new telecoms landscape. We have stabilised business performance and conserved cash, while making targeted investments to deliver what our customers want."
He added: “In the UK although business revenue was held back by weak performance and pricing pressure, enterprise revenue was stable over the second half of 2003/4."
The telecoms group has shed almost a quarter of the company's employees as part of a major restructuring plan commenced 18 months ago aimed at substantially trimming operating costs.
As employee consultations are ongoing, the company have not released precise details of the latest job cuts.
(SP/MB)
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