Sector movers: Telecoms titans deliver

3rd Nov 2011 15:36

It's been a bonanza day for the telecoms sector with both Cable & Wireless Communications and BT pleasing the market with trading updates.Cable & Wireless Communications'revenue in the six months ended 30 September reached $1.44bn, up 24% from $1.16bn the year before, helped by the first-time contribution of $177m from Bahamas Telecommunications which it acquired in April. Total revenues beat Evolution Securities' expectations by some 10%. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in 4% higher than last year at $443m.Investors were cheered by management's claims of signs of "stablisation" in the all-important Caribbean division.Telecoms titan BT kept its full-year outlook unchanged after a second quarter performance that reinforced its confidence of hitting its targets. Adjusted profit before tax, which excludes the effects of a retrospective regulatory ruling in Germany, rose 15% to £570m in the three months to 30 September - the group's second quarter - from £496m in the corresponding period of last year. Adjusted EBITDA edged up 3% to £1,495m from £1,452m.With BT, the once troublesome Global Services division was the star performer. The division, which serves corporate customers, saw EBITDA grow 15% to £159m from £138m last year, on revenue that climbed 1% to £2,014m from £1,992m.Top performing sectors so far todayFixed Line Telecommunications 2,255.63 +3.33%Electronic & Electrical Equipment 2,620.87 +2.96%Industrial Engineering 6,922.74 +2.87%Insurance (non-life) 1,397.73 +2.40%Software & Computer Services 747.03 +2.39%Bottom performing sectors so far todayNone