Telewest Losses Narrow In Third Quarter

Losses at Telewest fell by 25% in the third quarter of 2003 as the cable firm sought to build on its customer base and free itself from crippling debts.

Telewest said yesterday that turnover was up 1% to £339 million in the three months to September while operating losses were slashed by 73% to £17 million. Net losses were cut by a quarter to £119 million and in the year to date had fallen by 18% to £327 million.

The company reported a net addition of 1,682 subscribers in the third quarter and claims that 15% of its customers now take the triple play of TV, telephony and broadband.

Charles Burdick, managing director of Telewest, commented: “As anticipated, we returned to modest customer growth across each of our consumer product lines, with new product propositions and increased and more efficient marketing combining with reduced churn. These trends have continued into October.”

Telewest is currently finalising the terms of a £3.5 billion debt-for-equity swap but Burdick was unable to confirm when this will be completed.