NTL makes ‘steady progress’
Best keep an eye out for icebergs
NTL - which filed for US Chapter 11 bankruptcy protection in May - says that it made "steady progress" during Q2 against what it described as a "challenging backdrop".
The UK's biggest cableco reported increased revenues of £627m ($915m) compared to £608 million ($857m) during the same quarter last year. Earnings before interest etc (EBITDA) skipped in at of £174m ($254m) compared to £110m ($155m) in the second quarter of 2001.
Part of this improvement is down to NTL's continued focus on increasing the number of broadband users. At the end of the Q2 the cableco had some 275,000 broadband punters, although this grew to more than 300,000 by August 1.
According to the company almost four out of ten of all broadband connections in the UK are made via NTL. In a statement the company said: "As expected, our growth in 2002 has been curtailed by funding constraints."
But it went on to say that its "triple play offering" of telephony, broadband access to the Internet and digital television would continue to be a magnet for its customers. ®