Telewest losses hit £2bn

NEWS Struggling cable company and NTL rival Telewest reported losses of £2bn last year. The huge drop is mostly attributable to write-offs made following bad acquisitions. The company allocated £1.13bn in takeovers that failed to live up to expectations and notched-up total losses for Q4 of £1.3bn. Excluding these write-off costs, the company made a loss of £801m, up from £706m in the previous year. However, Telewest is boasting a growth in the number of its broadband users. It now claims to have more than 100,000 subscribers - 60 per cent growth during the period. Following BT's move to lower its broadband prices, Telewest and NTL cables broadband services are now under increased pressure from ISPs in the battle to get Britain onto broadband. Yesterday, Telewest's share price was down more than seven per cent to 17.75p ahead of today's earnings announcement.