Cable and Wireless chairman pockets shares

The chairman of FTSE 250 firm Cable and Wireless Worldwide has snapped up shares just one day after the firm announced a big fall in profits.

John Barton pocketed 100,000 in the embattled telecoms firm for a total sum of £22,940.

Earlier this week C&WW posted pre-tax profits of £35m in the first half, down from £64m in 2010.

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The firm said it would pay an interim dividend of 0.75 pence per share but future dividends would be suspended to improve its balance sheet strength.

It's been a busy week for the company, which also appointed Gavin Darby as chief executive with effect from 28 November, replacing John Pluthero, who will leave the board in December.

Barton said Darby would provide the "leadership, energy and fresh insight needed by Cable & Wireless Worldwide for the future".

The share price has fallen 68.14% in the past year and 1.61% today, falling to 21.95p by 15:36.

NR

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