Revenues Fall Slightly As Recapitalisation Approaches

Revenues at debt-laden cable company, NTL, remained pretty flat in the second quarter of the year, dropping slightly by just 1.1% to £627 million, according to the company’s financial results released today. Earnings rose by 51.3% to £174 million over the period.

These results are posted against a backdrop of debt and impending recapitalisation which the company is hoping to complete this autumn. The US Court will hold the hearing to consider NTL’s Chapter 11 reorganisation plans; if confirmed, the company expects to emerge from Chapter 11 shortly afterwards.

NTL says it is adopting a ‘business as usual’ approach with customers and suppliers during this period. Revenues from the NTL Home division were down by 0.9% at £334 million, whilst business revenues rose by 6.5% to £148 million.

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