Telewest reports better than expected results for 2001
Cable group Telewest has reported better than expected results for the final quarter and full year to the end of December.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to £319 million from £253 million a year earlier. However pre-tax losses also increased to close to £2 billion (£1.93 million) from £701 million the year before, mostly due to the acquisition of television programmer Flextech at an over-inflated price.
The fourth quarter showed strong growth, with EBITDA earnings rising from £83 million in the previous quarter to £94 million for the last three months of 2001.
The company says that at the end of February it had 107,000 broadband subscribers, with figures up 60% in the three month period. However it also faces strong competition from BT in the sector – BT announced earlier this week that it is to cut its wholesale fees for broadband internet access. There has also been speculation that Telewest could merge with NTL – which would bring the UK’s two rival travel network providers under one roof.
Telewest’s Business Division revenues for the year totalled £274 million. The company does not separate out the figures for its travel division and Telewest head of travel services Keith Webber declined to comment on the results.
See our previous stories:
28-Feb-2002: TravelMole Interview: Lawrence Hunt, Rapid Travel Solutions
25 Feb 2002: Rapid secures lastminute.com technology deal
29 Jan 2002: Telewest and X-TANT in MyTravel row
14 Jan 2002: Telewest ready to launch leisure GDS
04 Jun 2001: Viewdata’s days numbered as Telewest buys Rapid Travel Solutions
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