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Telecoms giant Cable and Wireless has reported a 29 per cent increase in underlying first-half core earnings.

The UK's second-biggest corporate telecoms provider said that its earnings before interest, tax, depreciation and amortisation (EBITDA) climbed to £284 million in the six months to September 30th.

Core underlying earnings within Europe, Asia and the US, before exceptionals, also quadrupled to £99 million – up from the £24 million reported for the corresponding period of last year.

Commenting on the results, Cable and Wireless chairman Richard Lapthorne said the company had had "another good six months" and stressed that the turnaround of its operations in Europe, Asia and the US was ahead of expectations.

He added that Cable and Wireless' international business was continuing to deliver good growth from mobile and broadband sales.

"I am pleased to announce that we intend to pay a dividend of 2.5 pence, a further demonstration of our confidence in the current performance and future potential of both our businesses," said Mr Lapthorne.

Cable and Wireless said its international EBITDA grew by six per cent to $398 million (£193 million) in the first-half.

The number of mobile and customers signed up by its international business climbed by 34 per cent to 5.7 million, while the number of broadband customers increased by 30 per cent to 439,000.

However Cable and Wireless' group revenue fell to £1,563 million in the first-half, down from the £1,718 million reported for the corresponding period of the previous year.

The company attributed the fall to its strategy within Europe, Asia and the US of focusing on larger customers with higher margin IP services, while actively shedding lower margin customers.

In sterling terms, Cable and Wireless' international revenue also showed a two per cent decrease due to the impact of the weaker dollar.