Cable & Wireless Worldwide brings in FD for financial and corporate comms

Cable & Wireless Worldwide has brought in FD to handle financial and corporate comms, as it faces up to remodelling its business in the wake of the Government's public sector cuts.

Appointed: FD for Cable & Wireless brief
Appointed: FD for Cable & Wireless brief

Despite its name, Cable & Wireless Worldwide is UK focused and heavily reliant on public sector incomes.

The firm was previously part of FTSE 100 firm Cable & Wireless group, which was demerged into two parts earlier this year. The other part, Cable & Wireless Communications, operates on a more global scale, concentrating on markets such as the Caribbean and Falkland Islands.

Smithfield handled PR for Cable & Wireless Worldwide around the demerger and was subsequently retained by the firm. Finsbury continues to work for Cable & Wireless Communications. FD declined to comment on the appointment, but it is understood the firm has started working on the business after winning a competitive pitch.

Cable & Wireless Worldwide is a member of the FTSE 250 and recently revealed it was on target to hit its full-year forecasts despite a sharp downturn in government spending.

Public sector work accounts for 12 per cent of the firm's annual revenue.

In July, The Daily Telegraph wrote that the firm had become 'the first major company to fall victim to the coalition's austerity drive' after the share price dropped 20 per cent in a single day's trading.

An interim management statement in July read: 'In light of the downturn in public sector activity, we have stepped up our cost reduction initiatives and now expect total operating expenditure to reduce year-on-year.

'We are supportive of the overall approach being adopted by government and believe that our unique product set provides us with significant opportunity in this area over the medium term.'

Since that date, the firm has won an £82m five-and-a-half-year contract with the Foreign & Commonwealth Office to provide telecoms services to more than 150 countries.

Despite its UK focus, the company also has interests across EMEA, Asia, India and the US.

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