Telewest Reports Increased Losses For First Quarter

Telewest has released first quarter results in line with expectations, including losses increased from £137m for the same period last year to £209m and turnover up 34% or £82m to £321m. Both figures show the effects of the company’s acquisition of Flextech and Eurobell (see Telewest And Flextech Agree Terms Of £2.26bn Merger).

Adam Singer, Telewest’s chief executive was upbeat about the results, describing the company as “the champions of the all you can eat cyber buffet.” He continued, “Our numbers show that we are punching above our weight in making the UK cable industry the pioneer in extending broadband choice across the country.” Describing plans for improvements in execution, finance and the digital network, concluding, “We are now into the delivery stage and we are well placed to reap the benefits of the broadband age”

The company says it now has a customer base of 1.7m, having added 23,000 during the quarter and having reduced churn in its CATV division by 2.9 percentage points to 23.75 compared to the same period last year, a 2.3 percentage point reduction period on period.

Shares in Telewest began the day at £1.23. By 10.30am the price had dropped 4¼p or 3.46% to £1.18¾.

Telewest: 01483 750 900 www.telewest.co.uk

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