"There is another 12 months of industry turmoil to come in my view," chief executive Graham Wallace said at the company's annual shareholder meeting.

"It is considerable and it will continue."

Mr Wallace said it was hard to say how any upturn might emerge.

"As people go out of business, competition over time decreases. We expect, all things being equal, that will have a favourable impact on the survivors ... but that's crystal ball stuff," he said.

Cable & Wireless in May reported a halving in annual profits.

Its shares have halved in value this year.