NTL reveals earnings rise in first post-bankruptcy results
LONDON - NTL has said that pre-tax earnings rose by 48% to £661m last year, in the first set of results it has posted since it emerged from Chapter 11 bankruptcy protection in the US.
The cable company said that earnings before interest, taxation, depreciation and amortisation rose from £446m last year on flat revenue growth, up to £2.173bn compared with £2.17bn in 2001.
NTL chief executive Barclay Knapp said: "Significantly, we maintained overall revenues in 2002 with a sharply lower capital spend. Coupled with our cost-cutting and efficiency programmes, this produced sharply higher Ebitda and operating cash flow."
Earlier this month, NTL named James Mooney as non-executive chairman. He joins from Nextel Communications.
In other senior management changes, NTL has axed its director of corporate communications post a year after it was created, making Tim Ryan redundant. PR director Alison Kirkwood has taken control of the PR and media relations function.
Ryan's redundancy came just two months after the departure of NTL managing director Stephen Carter to become the inaugural CEO of Ofcom, the super-regulator for the communications industry.
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