NTL has said that it is making ‘steady progress’ despite operating in what it calls a ‘challenging backdrop’. This statement was made after the company posted better than anticipated Q2 financial results. NTL,the UK’s biggest cable company, filed for Chapter 11 bankruptcy protection in May.
The company generated revenues of £627 million in Q2 compared with £608 million for the corresponding period last year. EBITDA also increased to £174 million compared with £110 million in Q2 2001.
NTL attributed its improved performance to the company’s continuing focus on developing its broadband customer base. At the end of Q2, NTL had 275,000 broadband users. This figure had grown to around 300,000 by August 1.