CWC reports profits of £90m

Cable & Wireless Communications said its Caribbean business had stabilised and smartphone usage was booming as it yesterday reported better than expected half-year profits of $145m (£90m).

CWC shares, which have tumbled on fears over growing competition in the Caribbean, rallied 7.8 per cent to 39.3p, even though profits were down 30 per cent on a year ago. It added the Caribbean arm – which accounts for more than 25 per cent of revenues – is on course to hit full-year profits of $180m-$210m for the year.