Cable & Wireless posted a 13 per cent fall in full-year profits, mainly related to increased restructuring costs.

The telecoms firm reported net profit of £143m for the year ending 31 March, down from £164m in the previous year. Pre-tax profit of £398m was up by 58 per cent but was offset by exceptional charges of £182m.

The charges are linked to streamlining operations and reducing the workforce in London, as well as an operational restructuring in the Caribbean and other initiatives supporting the firm’s cost-cutting plan.

Yearly revenue at the group grew by 15.7 per cent to £3.65bn.

“We’re well aware that the recession provides a degree of uncertainty but our current view is that we have a robust set of plans that will allow us to progress further in 2009/10,” said Richard Lapthorne, Cable and Wireless chairman.

“While our trading position is in good health, as announced last autumn we have postponed, but not cancelled, our value realisation plans until we can foresee a sustained period of normality returning to the credit and equity markets,” he said.

“In the meantime, we will continue to execute our plans, growing shareholder value as we go.”