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01/03/2002
Quarterly report reveals Telewest's mixed results
Telewest Communications' quarterly results have revealed that the company's net debt is continuing to rise, and has edged over £5 billion for the quarter.
This is in spite of a 17 per cent sales rise to £1.32 billion, which far exceeded even the most optimistic predictions.
The UK cable operator, however, quickly moved to reassure shareholders that the results were stronger than expected. The company also stressed that, as operating costs had continued to fall, its improved liquidity would redress the debt balance to a more acceptable level.
The capital expenditure outlay for the company was slashed to under £550 million – or £50 million under its target figure. However, results for the year indicated that Telewest had £801 million in undrawn, committed bank facilities and £14 million in cash at the end of 2001. The company estimates that these assets offer a life-span of five quarters at current spending rates.
On a more positive note, the company revealed that it had added 107,000 broadband Internet users to its client base by the end of February. However, analysts are speculating that the take-up rate for the new technology may evaporate after initial interest had waned.
Earnings before interest, tax, depreciation and amortisation for the year to the end of December rose 26 per cent year-on-year to £319 million, which was ahead of the £290 million to £300 million range analysts had been expecting.
The market responded well to the results and, after an all-time low on Thursday, shares were up more than 15 per cent at 20.5p on Friday.
Telewest Communications, the broadband communications and media group, currently provides multi-channel television, telephone and Internet services to more than 1.7 million UK households.
Telewest was rated the top-scoring Internet Service Provider by readers in the recent Internet magazine survey of UK internet service providers.
(GMcG)
This is in spite of a 17 per cent sales rise to £1.32 billion, which far exceeded even the most optimistic predictions.
The UK cable operator, however, quickly moved to reassure shareholders that the results were stronger than expected. The company also stressed that, as operating costs had continued to fall, its improved liquidity would redress the debt balance to a more acceptable level.
The capital expenditure outlay for the company was slashed to under £550 million – or £50 million under its target figure. However, results for the year indicated that Telewest had £801 million in undrawn, committed bank facilities and £14 million in cash at the end of 2001. The company estimates that these assets offer a life-span of five quarters at current spending rates.
On a more positive note, the company revealed that it had added 107,000 broadband Internet users to its client base by the end of February. However, analysts are speculating that the take-up rate for the new technology may evaporate after initial interest had waned.
Earnings before interest, tax, depreciation and amortisation for the year to the end of December rose 26 per cent year-on-year to £319 million, which was ahead of the £290 million to £300 million range analysts had been expecting.
The market responded well to the results and, after an all-time low on Thursday, shares were up more than 15 per cent at 20.5p on Friday.
Telewest Communications, the broadband communications and media group, currently provides multi-channel television, telephone and Internet services to more than 1.7 million UK households.
Telewest was rated the top-scoring Internet Service Provider by readers in the recent Internet magazine survey of UK internet service providers.
(GMcG)
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