Newly appointed C&W Worldwide chief shows faith

Gavin Darby, the newly appointed chief executive at Cable & Wireless Worldwide has put his money where his mouth is and bought up £337,800-worth of shares in the telecoms firm.

Darby, 55, who joined the firm on 28 November to replace John Pluthero, purchased two million shares at 16.89p each.

The director joined the company from Vodafone where he was chief executive responsible for the USA, Africa, India and China.

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Prior to Vodafone, Darby spent 15 years at Coca-Cola culminating in two regional president roles with responsibility for 30 European countries.

News of Darby's appointment came as the firm posted a serious fall in first half pre-tax profits, down from £64m to £35m on a like-for-like basis.

The firm, which has released three profit warnings in the last year, saw profits devastated by exceptional items totalling £624m, including a 'goodwill impairment' of £436m.

Top Director Buys

Cable & Wireless Worldwide (CW.)

Director name: Mr Gavin Darby

Amount purchased: 2,000,000 @ 16.89p

Value: £337,800

Hummingbird Resources (HUM)

Director name: Mr Stephen A. Betts

Amount purchased: 150,000 @ 118.50p

Value: £177,750

Topps Tiles (TPT)

Director name: Mr Matthew Williams

Amount purchased: 100,000 @ 22.75p

Value: £22,750

Mecom Group (MEC)

Director name: Mr Tom Toumazis

Amount purchased: 9,966 @ 198.67p

Value: £19,799

Celtic (CCP)

Director name: Mr Ian P. Bankier

Amount purchased: 30,000 @ 35.50p

Value: £10,650

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