Cable group NTL has this morning announced a quarterly revenues increase of 6% to £622 million, for the three months ended 31 March. At the same time EBITDA increased by 32% quarter on quarter to £86 million.
Earlier in the week the group’s wholly-owned subsidiary, NTL Communications Corp, placed $1 billion worth of Convertible Notes; a portion of the proceeds from this placing will go towards funding NTL’s ongoing business, itself heavily-indebted.
Commenting on the results, Barclay Knapp, president and chief executive of NTL said: “We are very pleased with our strong performance this quarter and believe that we have made an excellent start to achieve our goals for the year.
“In our home consumer group, we continue to accelerate the rollout of digital cable television and cable modem services, reaching over 757,000 and 26,800 customers, respectively.”
NTL says that its broadcast division showed healthy growth, increasing revenues by 15% over the prior year’s quarter to £57 million and EBITDA to over £27 million.
“During the last several months, we substantially enhanced the CompanyÂ’s liquidity, completing approximately £1.0 billion of financing and securing over £685 million of additional financing commitments that are in the process of closing.
“Our success during the first quarter provides us with an increased level of confidence in our ability to meet or exceed our 2001 financial targets for revenue (£2,600 million) and EBITDA (£385 million),” added Knapp.
