Telewest Losses Rise 205%

Six month figures from cable company Telewest show that losses have deepened by 205% to reach £117.7 million, compared to £38.6m last year. Revenue rose however by 141% to £133.5m (£55.4m last year).

Telewest’s cable television business showed good growth in the second quarter of this year: cable television customers increased 31% whilst revenue increased 46.3% year on year to £28.8m. This brings the revenue for the year to date to £56.9m, an increase of 48% on the same period last year. Customer churn also dropped by 36.4%.

Commenting on the results, Stephen Davidson, acting chief executive of Telewest, said: “Operating conditions in the second quarter have seen strong competition from terrestrial television, due to the quantity of sport being broadcast, and an aggressive marketing campaign from BT…The increase in our net loss is in line with expectations and we remain on course to go operating cash flow positive during this year.” He also revealed that the company has signed a £1.2 billion banking facility to ensure funding for the future and said that Telewest would place more emphasis on marketing in the second half of the year.

Telewest: 01483 750900