Restructured NTL produces flat revenues

Cable firm NTL reported a rise in core 2002 earnings today and forecast an increase in customers this quarter to reverse a long spell of subscriber decline.

The New York-based firm, which ended a major restructuring early this year to draw a line under one of the largest US bankruptcies, had earnings before interest, tax, depreciation and amortisation of £661 million sterling (€1.03 billion) - up from £446 million in 2001.

The group reported total 2002 revenue of £2.173 billion, little changed from £2.17 billion in 2001.

"Significantly, we maintained overall revenues in 2002 with a sharply lower capital spend," the firm said.

Churn - a measure of how many customers leave the service - will drop to 13.1 per cent in the first quarter of 2003, the firm said, from 15.9 per cent in the previous quarter and 17.9 percent in the first quarter of 2001.

NTL Ireland also reported results today with year-on-year fourth-quarter revenues up by 25 per cent to £15 million and EBITDA up by about 33 per cent to £4 million.

In a statement, NTL Ireland said it ended 2002 with 368,000 customers in Ireland. However, it said it expects to lose up to 25,000 following the introduction of a new credit policy that is expected to lead to the involuntary disconnection of certain customers.

Digital TV customers grew by 9,000 to 38,000. Business sector revenues grew by about 59 per cent year on year to £3 million in the fourth quarter.