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.

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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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