Broadband Boom Drives NTL Recovery In Q3

Cable operator NTL has reported a 68% fall in losses for the third quarter on the back of a surge in broadband subscribers.

Revenues were up 4% year on year to £555.2 million in the three months to 30 September. Net losses narrowed from £369.1 million last year to £117.3 million.

NTL added almost 100,000 new broadband subscribers during the quarter, taking the total to 864,600. This represents an increase of 127% on Q3 2002 and the company claims that more than 30% of its customers now take high-speed internet services.

Churn rose to 14.4% in Q3 from 12.9% the previous quarter but average revenue per user was up from £41.04 to £41.43.

US-based NTL emerged from bankruptcy protection in January and having swapped $10.9 million of debt for equity has seen its fortunes revive on the retail market and the New York Stock Exchange.