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New entry-level product fingered for success

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The launch of a cut-price, entry-level broadband product in March has helped Telewest rack up a record three months for attracting new customers. In the three months to the end of June cableco Telewest added 72,000 new high-speed Internet punters, compared to 51,000 in the first quarter (Q1). As of 30 June, Telewest had 538,000 broadband Internet subscribers.

"This growth was driven principally by the successful launch of our lower tier 256Kb service in March 2004," said Telewest as it reported its Q2 figures.

During the second quarter of 2004, the cableco also increased the connection speeds of its top three broadband services which the company claims has helped it maintain an edge over rivals in the franchise areas it operates.

Although Q2 revenues rose a smidgen from £323m last year to £326m in 2004, Telewest dived into the red again with a net loss of £126m compared with a profit of £5m last year. Telewest blamed a large part of the loss on foreign exchange fluctuations.

Said Cob Stenham, chairman of Telewest Global, Inc: "This is the last set of results for Telewest Communications plc, the predecessor company of Telewest Global, Inc prior to the completion of its financial restructuring on 15 July, 2004. They show continued good operating performance with growth in customers and revenue generating units.

"As a result of the financial restructuring, Telewest now has a strong balance sheet and a sound platform for delivering profitable growth as a leading broadband communications and media group in the United Kingdom," he said.

On 15 July, the cable company completed its financial restructuring to help sort its debt problem. Telewest Communications plc, formerly the parent company of the Telewest Group, was de-listed from the London Stock Exchange and will be liquidated or dissolved. As a result of the restructuring, Telewest Global, Inc became the new parent company of the Telewest Group with its stock trading on Nasdaq. ®

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