CABLE & WIRELESS Communications (CWC), the parent company of LIME, has announced its financial results for the year ending March 31, 2014, and unveiled a new regional strategy including its plan to invest more than US$1 billion in its fixed and mobile networks over the next three years.
Under a new investment programme named Project Marlin, CWC will increase its capital investment programme by 30 per cent, in the next three years adding a total of US$250 million to its standard level capital expenditure.
The new strategy will target top-line growth, with investment in new networks and services like 4G and LTE mobile networks, WiFi hotspots, TV services, and business-to-business (B2B) solutions across its operations in the Caribbean and Latin America.
The strategy focuses on four key areas: mobile leadership, fixed-mobile network convergence, reinforcing its TV offering and growing business services.
Supporting the strategy will be an increased focus on key stakeholder relations with governments, regulatory and union partners. CWC will also seek to improve its internal processes and culture to increase focus on serving its customers.
Highlights of the 2013/14 results in the company’s Caribbean business included an eight per cent rise in earnings before interest, tax, depreciation and amortisation (EBITDA) and an eight per cent reduction in operating costs.
The company also reported a 31 per cent increase in Jamaica mobile customers, mobile data revenue growth of 13 per cent in the Bahamas and 53 per cent in the Cayman Islands as well as eight per cent more broadband customers across the region.
TV customers in Barbados and the Cayman Islands increased by 21 per cent.
CWC chief executive Phil Bentley said: “We have developed a new strategic plan to drive top line growth, reversing our historical revenue decline, to leverage our existing networks enhanced by the US$250 million increased investment of Project Marlin; and to drive further operating efficiencies across the portfolio.”
At group level CWC reported a 23 per cent growth in mobile data revenue, with group revenue down one per cent on a like-for-like basis.
Group operating costs fell by five per cent (US$43 million) helping EBITDA to increase by five per cent to US$608 million. (PR/NB)
