CWC on the slide after message of poor progress in Panama

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Chief executive Tony Rice blamed growing competition in Panama's mobile market, slower progress on winning corporate contracts and pressure on margins.

CWC suggested profits from Panama would be around $254 million (£160 million) - below earlier guidance of $270 million-$295 million.

Another regional division, the Caribbean, is expected only to hit the lower end of expectations. But the group is performing better in other countries, with Macau and Bahamas both expected to exceed earlier forecasts.

Analysts at Deutsche Bank and JP Morgan both moved to downgrade their profit forecasts and reckon next year's dividend could be halved.

The group's stock-market value has slumped by almost half since the 2010 split from Cable & Wireless Worldwide, which owns fibre networks in the UK.

CWC has net debt of $1.41 billion at December 31 but the group said its finances are in good shape after a $1 billion refinancing last month. The shares fell 3.54p to 40.03p.