NTL is cutting up to 5000 jobs over the next two years as part of a scheme to reduce cash flow. The redundancies were announced alongside Q2 results which showed the cable operator's revenue rose to £634m, up from £614m in the previous quarter and £434m for the same period last year. Earnings before interest, tax, depreciation and amortisation almost doubled to £115m.
Barclay Knapp, NTL's CEO, said: "We are extremely pleased to be one of a very few companies able to announce both strong current results together with an increasingly positive outlook for the future. We have achieved many of our 2001 annual goals in the first six months, and we are now reaping the benefits."
Overall NTL made a loss due to interest payments on £10.5bn in long-term debt but Knapp said: "Our broadcast and European operations are on track and we have completed financings in the first six months that will enable us to reach free cash positive by the end of 2003."
The company's digital cable TV customer numbers increased by 26% to 951300 by the end of the quarter. NTL predicts 1.25 million digital subscribers by the end of 2001.