Cable & Wireless Comms steps up network investment

LONDON Wed May 21, 2014 2:26am EDT

LONDON May 21 (Reuters) - Cable & Wireless Communications said on Wednesday it would step up investment in its networks in the Caribbean and Central America in a bid to return to revenue growth and improve earnings.

The fixed and mobile operator unveiled its new strategy after the group posted a 5 percent increase in full-year core earnings to $608 million on like-for-like revenue of $1.87 billion, down 1 percent.

The British company said it would increase capital investments by $250 million over the next three years, taking total capex spending to $1.05 billion.

It said the investment was expected to deliver modest top line growth, reversing a historic declining revenue trend, and mid to high single digit compound annual growth in earnings in the period. (Reporting by Paul Sandle; editing by Kate Holton)