Telecoms group Cable & Wireless (C&W) today said revenues at its UK business fell 4% to £390m (€560.9m) in the final three months of the year.

The recovery of Cable & Wireless took a knock today after the telecoms operator reported a 9% year-on-year decline in first quarter revenues.

Cable & Wireless chief executive Francesco Caio, who last year cut the company’s loss and halted falling British sales, earned €3.3 million, almost three times more than his predecessor, Graham Wallace.

The new boss of Cable & Wireless was paid £2.2m (€3.3m) in the last financial year after leading a trading revival at the telecoms group.