Barton adds to C&W Worldwide stake

Cable & Wireless Worldwide's deputy chairman has taken advantage of the share price slump following the telecoms services provider's profit warning.

John Barton and his wife Anne have each bought 25,000 shares at 69.2p each. The total investment was £34,600.

He bought 50,000 shares in March at 91.65p a share. Barton and his wife own 150,000 shares in C&W Worldwide.

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Barton was a non-executive director of Cable & Wireless from March 2009 up until the demerger of C&W Worldwide a year later, when he took up the role of deputy chairman. He is also a director of WH Smith.

Earlier today, C&W Worldwide warned that the coalition government's emergency budget will hit its earnings growth. C&W Worldwide says earnings will come in at the lower end of the range of expectations.

C&W Worldwide said the first quarter went to plan but non-contracted spending in the UK public sector has slowed "very significantly" and this will knock trading in the current year. Three-quarters of revenues are in the UK. Around one-eighth of revenues come from the UK public sector and the strategy remains to grow this part of the business.

EBITDA is expected to be around £450m for the year to March 2011, against £431m last year.

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