11 August 2000

A near doubling of quarterly revenues to £432.2 million was yesterday reported by Britain's largest cable and network, the US-owned NTL.

The broadcasting and telecoms giant also said it was on course to hit 500,000 digital subscribers by the year end – a marked contrast with the fortunes of its nearest rival Telewest which recently reported high churn rates (subscriber defections) and delays in rolling-out its digital service [WAMN, 8-Aug-00] .

The company’s results, said chairman Barclay Knapp, had been boosted by the recent acquisition of Switzerland's Cablecom and Cable & Wireless Communications of the UK. “Overall”, he crowed, “our annualised revenues have surpassed $3.25 billion”.

However, Knapp’s bullish stance was not supported by outmoded concepts like profit, and the Nasdaq-quoted company posted increased net losses, up from £348.5 million to £616.5m. Nor did he mention the technical problems that have beset NTL’s free internet access service.

News source: The Times (London)