Take up for the Telewest Communications' Blueyonder internet service grew 71% from the previous quar...
Take up for the Telewest Communications' Blueyonder internet service grew 71% from the previous quarter. Earnings before interest, taxes, depreciation and amortisation rose 32% from a year ago to £83m in the three months to 30 September.
The news, which exceeded analysts' expectations for earnings before some costs and for sales of its faster internet service in the third quarter, led to a sharp rally in Telewest's shares which rose a record 29%.
Telewest, which competes with British Sky Broadcasting and larger cable-TV rival NTL, is investing in services such as faster internet access to boost clients' spending. Two-thirds of its 70,000 Blueyonder internet subscribers also signed up for TV and phone services.
Telewest is 'back on track,'' said Christian Maher, an an analyst Investec Henderson Crosthwaite, who raised his rating to 'buy' from 'hold' this week. 'It's the best cable operator in Europe and the funding issue has been resolved.''
Following Telewest's announcement, NTL, the UK's biggest cable-television operator, said the number of customers using its faster internet service had reached 100,000, making it the country's biggest provider of so-called broadband services.
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