C&W Worldwide suffers maiden loss

TELECOMS firm Cable & Wireless Worldwide has notched up losses of £94 million in it its first set of results since splitting from its regional telecoms operation.

The figure for the year to 31 March was caused by 210m-worth of exceptional charges, including 143m relating to the deficit in its final salary pension scheme.

Stripping out one-off items, underlying earnings jumped 32 per cent to 431m.

Chief executive Jim Marsh said market conditions were improving and that the company's core business segments had "momentum".