An increase in broadband internet subscribers helped NTL, the UK’s largest cable operator, reduce losses in 2002.
The US-owned group posted a net loss for the year of $2.38 billion (€2.18bn; £1.51bn), well down on the $11.84bn shortfall in 2001. Excluding exceptional items, losses narrowed from $3.68bn to $1.93bn.
Although the company lost almost half a million customers last year as it filed for bankruptcy protection and underwent a complex debt-for-equity swap, it gained 399,000 broadband subscribers.
This helped push sales up slightly from $3.19bn in 2001 to $3.27bn, while EBITDA (earnings before interest, tax, depreciation and amortization) jumped from $652 million to $993m.
NTL’s protracted financial overhaul took its toll on the results with a $104.8m restructuring charge. Other exceptional items include $36m on bonuses to retain staff during the debt swap, $34m in redundancy costs and over $120m on fees for lawyers, bankers and accountants.
Data sourced from: multiple sources; additional content by WARC staff