Revenue at Cable and Wireless (C&W) slipped to £1.56bn during the first half of the year, down from £1.71bn reported in 2006.

Pre-tax profits totalled £166m, up from £79m in the same period of last year. Chief executive Harris Jones announced his departure from the company, following the results.

A replacement for Jones is expected to appointed later in the year, while interim control will be passed over to John Pluthero, head of C&W's operations in Asia, Europe and the US.

The new chief executive will report to Pluthero, who continue to work as joint managing director under chairman Richard Lapthorne.

C&W's restructuring is thought to be laying the groundwork for a potential demerger next year, followed by the sale of the company's separated halves.