Telewest loss rises after write-off

The company is discussing a major debt for equity swap that would wipe out much of its debt, albeit at the expense of existing shareholders, who will be left with about 3% of the company.

It said it remains confident that the restructuring will go ahead, which will see about £3.5bn of its £5.2bn debt mountain exchanged for shares.

Telewest reported a net loss of £2.29bn after it wrote down the value of assets by £1.64bn. In the previous year its loss weighed in at £1.94bn. Turnover increased marginally to £1.34bn and it generated an increased EBITDA profit of £379m, against £319m.

The company announced that it has almost 300,000 broadband customers, with about 10% of these users opting for its premium 1Mb service. Later in the year it expects to unveil a powerful new 2Mb service.

Telewest claims that around eight out of ten broadband users that have the choice between blueyonder cable and BT ADSL services choose the former. It has been signing up about 15,000 new broadband users per month.





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