LONDON — U.K. cable operator Telewest has posted stronger than expected results, with core profits up 26% to £319 million ($453 million) for the year ended Dec. 31. Sales were up 17% to $1.88 billion.
A writeoff of $1.6 billion tied largely to the acquisition its Flextech TV production biz, however, dropped the cabler to a loss of $2.75 billion for the year. Total debt by the end of the period was $7.27 billion.
Subscribership was up 4% to 1.76 million, counting TV, telephony and Internet. In the fourth quarter, broadband take-up soared 60%. It had 107,000 subscribers as of Feb. 28. Average income per sub was up 7% to $56.85 per month.
NTL, Britain’s No. 1 cabler, is in the process of restructuring its $17 billion mountain of debt, likely in a debt-for-equity swap with new creditors. Telewest maintains it does not have to follow suit. Company has enough funding in place to last for as much as another five quarters