LONDON -- Shares in Cable & Wireless Communications (LSE: CWC.L) dropped 2.4% this morning to 32.47 pence, on news that voice revenue continues to decline across the Group.

Shareholders were not fully reassured by the interim management statement, despite reports that the Group's trading performance remains in line with the outlook indicated in the previous financial year's results.

However, they can find comfort in the news that termination rates in Jamaica have now been reduced and equalized, an important step in creating a level regulatory playing field in mobile for all market players. As a result, CWC has seen an early pick-up in customer numbers resulting from promotional activity. In more positive news for the company, Macau continues to trade strongly.

Market conditions remain tough globally, with CWC looking to address drop-offs in the Caribbean and Panama especially. Monaco and the Islands are reported to be trading in line on an underlying basis, but it is expected that their performance will be affected by the weakness of the euro.

Overall, CWC is continuing its focus on improving cash flow generation and increasing ROIC, following its demerger from Cable & Wireless Worldwide, itself strongly anticipated to be taken over by FTSE 100 giant Vodafone, a Neil Woodford favorite.

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