Cable & Wireless to cut on public sector fears

Cable & Wireless Worldwide(CWW)is to up its cost cutting drive as the ongoing furore over public sector cuts under the coalition government gives its board the jitters. The UK-based comms provider this morning issued a trading update saying that although its major lines of business performed &qu

Cable & Wireless Worldwide (CWW) is to up its cost cutting drive as the ongoing furore over public sector cuts under the coalition government gives its board the jitters.

The UK-based comms provider this morning issued a trading update saying that although its major lines of business performed "broadly in line with plan", the rout of the public sector was going to "adversely impact trading in the coming year".

"Nevertheless, we are supportive of the overall approach being adopted by [the] government and believe that our unique product set provides us with significant opportunity in this area over the medium term," the directors said.

However, their support for prime minister Cameron's aims notwithstanding, CWW's top brass now plans to step up their cost reduction initiatives, and expects total operating expenditure to reduce year-on-year.

CWW has accordingly revised its operating cash flow and EBITDA forecasts down to the lower end of expectations.

It did not say what form the cuts would take.

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