Feeds

NTL warns of 5000 UK layoffs

Spending spree takes its toll

  • alert
  • submit to reddit

Business security measures using SSL

NTL has warned it will slash up to 5000 jobs in Britain over the next two years.

The UK cable operator is set to axe up to 2500 during the next year, with the remainder going by the end of 2003.

The staff reduction plans were revealed by NTL UK MD Stephen Carter yesterday - he said that, if everything else remained constant, the business would only need a headcount of 15,000.

The move is a bid to make the company more profitable after its recent spending spree - NTL has bought 11 companies in the UK and Europe in the last 18 months.

The job cuts, which came just hours after NTL upped its earnings forecast for the next two years, add to the 2,300 staff cuts announced earlier this year.

In its revised forecast, the company said it expected to earn £100 million more than predicted for 2001 (now £845 million), and £125 million more in 2002 (£950 million).

It also recorded earnings of £115 million for Q2, adding that its broadband users rocketed 74 per cent to 45,750 during the quarter. ®

Related Stories

NTL raises profit predictions for next 2 years
NTL reports £115m profit for Q2

Providing a secure and efficient Helpdesk

More from The Register

next story
Brit telcos warn Scots that voting Yes could lead to HEFTY bills
BT and Co: Independence vote likely to mean 'increased costs'
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
New 'Cosmos' browser surfs the net by TXT alone
No data plan? No WiFi? No worries ... except sluggish download speed
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Blockbuster book lays out the first 20 years of the Smartphone Wars
Symbian's David Wood bares all. Not for the faint hearted
Bonking with Apple has POUNDED mobe operators' wallets
... into submission. Weve squeals, ditches payment plans
This flashlight app requires: Your contacts list, identity, access to your camera...
Who us, dodgy? Vast majority of mobile apps fail privacy test
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.