Cable and Wireless hits targets but sees red

NEWS Cable and Wireless shares slipped this morning even though the company reached its revenue targets. In February, the company issued a warning, lowering its guidance. Results out today show it has hit these lowered expectations. The company's CEO, Graham Wallace, said in a statement: "These full-year results are either in line with or better than the guidance we gave in our trading update in February." Year-end group revenues were £5.91bn with a profit before tax and other exceptional items of £61m. Shares initially moved upwards after opening this morning but soon slipped into the red. By 10:00 (GMT) it was down two per cent to 201p. The company has also announced that chairman, Sir Ralph Robins, will be stepping down at the end of December to be replaced by non-executive director David Nash.