Cable & Wireless Says Profit to Trail Estimates; CEO Quits
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Cable & Wireless Worldwide Plc, which provides telecommunications services to the U.K. police force, said full-year profit will miss estimates because of slower-than-expected sales orders. Chief Executive Officer Jim Marsh resigned.
The stock dropped the most since July 2010 in London trading. Earnings before interest, taxes, depreciation and amortization will be 5 percent to 10 percent “below current market expectations” in the 12 months through March, the company said today. The company will bolster investments in its hosting and cloud offerings and cut its dividend by half to 2.25 pence a share.