CWC rings in additional revenue
Cable and Wireless Communications (CWC), a major player in the Caribbean telecommunications market, is reporting a four per cent growth in group revenue to US$583 million for the first quarter of its current financial year which began on April 1.
In a statement which provided no details on group profits for the three-month period ended June 30, the company said CWC revenue grew by two per cent compared with a 12 per cent growth for Columbus Communications, which traded as FLOW and was acquired by CWC last year.
Mobile revenue was flat, compared with the previous year, even though there was a five per cent rise in the number of subscribers and 16 per cent increase in mobile data. Broadband registered seven per cent growth across the group, and video subscribers were up by two per cent.
Following the acquisition of Columbus Communications, CWC CEO Phil Bentley reported that the integration was progressing well with a new organization and management in place.
In the Caribbean, CWC is abandoning the LIME brand which was introduced less than 10 years ago and will be trading as FLOW. The Barbados launch, the first of a series planned in the region, occurred a week ago.
“Early results from cross-selling initiatives have been positive,” said Bentley, with the statement mentioning the addition of 1,000 new mobile postpaid customers in Barbados as a result of the cross-selling to FLOW video customers, and a call success rate of more than ten per cent.
“Based on the first quarter’s trading, we maintain our guidance for the year,” Bentley added.
Results for the half year will be announced on November 5.