Telewest losses narrow for Q3

7 Nov 2003

The UK’s second largest cable operator Telewest has reported pre-tax losses of GBP326 million for the nine months to the end of September 2003, an improvement on the GBP397 million loss it posted at the same time last year. Total turnover remained flat at 1.01 billion, although revenues for its cable TV and telephony divisions fell by 7.2% and 5.4% respectively. Internet revenues, on the other hand, rose to GBP86 million from GBP57 million, while EBITDA grew from GBP281 million to GBP334 million in the year. Telewest is currently in the middle of a financial restructuring, but has failed to provide an update on when this will be completed. It has agreed a debt-for-equity swap with bondholders, which would leave them with 98.5% of the company’s equity once its shares are re-listed. The operator claimed a total of 1.72 million customers at the end of September, down from 1.76 million the previous year. It had 367,410 broadband customers at the same date, up from 216,173, and 610,334 internet subscribers, up from 500,343.

United Kingdom