Cable & Wireless Communications (CWC) has released its first financial results since it was created four months ago.
The first quarter pre-tax profits of the group, which was formed from the merger of the cable affiliates of Bell Canada and Nynex with Mercury Communications, were #80 million on revenues of #551 million. Total revenues increased by 13 per cent compared to the combined turnover of each of the CWC companies last year.,p> Graham Wallace, chief executive said: "We will achieve over #100 million in synergy savings this financial year compared with the standalone plans of the separate companies. The management team, which is 40 per cent smaller than in the original companies, is now in place. We will continue to rationalise the business, and already anticipate ongoing annual cost savings in excess of that #100 million.."
The group took a #200 million exceptional charge, #45 million of which was related to staff costs, notably the layoff of 1,000 people from a combined workforce of 12,500 immediately after the merger.
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