British telecoms company Cable & Wireless posted better-than-expected annual underlying core earnings on Thursday and said a turnaround at its laggard U.K. business was running ahead of plan.
The UK's second biggest corporate telecoms provider after BT Group reported earnings before interest, tax, depreciation and amortisation (EBIDTA) of 492 million pounds ($984 million) for the year to March 31, up 20% on a year earlier.
Analysts were on average expecting the company to report EBITDA of 453 million pounds, with estimates ranging between 432 million and 477 million pounds.
Cable & Wireless forecast group EBITDA in the range of 573 million and 608 million pounds for the year to March 2008.
Forecasts for its keenly-watched U.K. business ranged between 210 million and 220 million pounds.