Telecoms group Cable & Wireless Communications reported a strong start to the financial year that began on March 1, though trading across the various exotic markets it operates in has been mixed.

C&W Communications, which demerged from the larger telecommunications group Cable and Wireless earlier this year, said it saw a good performance backed by favourable economic conditions in its Macau and Monaco & Islands divisions. The Monaco and Island division includes Monaco and islands such as Bermuda and the Falklands.

Panama is performing to expectations backed up by stronger economic growth in the country but conditions remain challenging in the Caribbean, where an increase in subscribers has been offset by promotions.

'Our focus across the business remains on maintaining and growing market share, managing costs and generating cash to achieve our expected outcome for the year,' the company said.

Yesterday shares in Cable & Wireless Worldwide, the largely UK-focused part of C&W following its demerger, fell sharply as it warned of the impact of public spending cuts on its UK business.

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