NTL, the UK’s largest cable operator, is to cut another 250 jobs. The announcement was made as the company unveiled its Q3 results, which revealed another drop in both revenues and customer numbers. However, on the whole NTL’s operational outlook remains fairly solid. The company still plans to emerge from Chapter 11 bankruptcy protection by the end of November.
During Q3 EBITDA, a key measure of NTL’s operational stability rose to £182 million from £174 million in Q2. Despite this, revenues and customer numbers declined further, due to NTL’s lack of available funding to attract new customers and the company’s policy reducing capital expenditure, which makes the connection of new customers less attractive. NTL expects to reverse the decline in subscriber numbers once it emerges from the recapitalisation process.
NTL currently has 2.67 million subscribers, down on 2.69 million in the previous quarter. The company has 380,000 broadband Internet subscribers, up from 275,600 in Q2. Churn continues to hover at a relatively high level, 16.4% -although this is down from higher figures in Q2.
The planned job cuts will affect the company’s UK & Ireland operations, and will leave the division with around 13,000 employees.
NTL has also revealed that Stephen Carter, Managing Director and Chief Operating Officer of NTL UK and Ireland, has decided to leave the company at the end of this year following NTL’s expected completion of its recapitalisation and emergence from US Chapter 11 and the successful completion of his operational objectives.