Feeds

Telewest axes 1,500 jobs

Boss wants 'leaner Telewest'

  • alert
  • submit to reddit

High performance access to file storage

The UK's second biggest cableco, Telewest, is to slash 1,500 jobs as part of plans to save up to £50 million a year.

Publishing its first quarter results today Telewest chef exec, Adam Singer, said: "I am announcing measures designed to create an even leaner Telewest, and bring forward a break-even cash position. Regrettably, this will result in significant job losses."

The cableco's headcount will fall from around 10,500 to 9,000 following the restructuring. Up to two thirds of of the redundancies could be compulsory, according to reports.

Looking at the numbers, total turnover for the three months to the end of March was up 4 per cent to £334 million compared with Q1 2001.

Pre-tax losses for the quarter were £166 million, down 21 per cent on the corresponding quarter a year earlier.

The cableco said debt stood at around £5 billion.

Telewest also announced that cable modem broadband numbers continued to grow boasting a total of 148,000 broadband subscribers. ®

Top three mobile application threats

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.