By Suzanna Kerridge, 5 June 2001 11:15
NEWS Cable TV company Telewest yesterday posted losses of over £200m, as it felt the effects of high acquisition costs and large interest payments. The company started its spending spree in April last year when it bought Flextech. This was swiftly followed by a series of acquisitions and the roll out of a cable line upgrade to offer faster internet speeds. Losses rose to £209m, or 7.2p a share, compared with £137m, or 6p a share, for the previous year. However, revenues rose 34 per cent to £321m and losses are expected to narrow by next year. Adam Singer, group chief executive of Telewest, remained upbeat about his company claming it was still the champion of the "all you can eat cyber buffet". In a conference call, the company said it expects all Telewest customers to be converted to digital television by 2003. In related news, the company announced it had completed a deal that will enable holiday makers to view video clips of hotels and resorts before booking a trip. Telewest has agreed to connect travel agents to its broadband network with Rapid Travel Solutions' software giving access to online booking agents and call centres.
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