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02/05/2002
Telewest to cut 1,500 jobs in restructuring move
Cable company Telewest is to cut 1,500 jobs as part of a restructuring programme aimed at saving the firm around £50 million a year.
The layoffs – which represent around 14% of the entire workforce – will come from the network operations division, while the consumer and business divisions will be merged to streamline the company.
While Telewest recently revealed a rise in core profits of 34%, investors have yet to respond to the company's current energetic form, as shares in the cable firm could soon drop to their lowest level ever – representing a decrease of 98% in share performance since the bursting of the tech stock bubble.
Both Telewest and NTL are being faced with the sizable debts both have incurred during the development of their cable, internet and phone service networks, and investors – concerned about the possible outcome – have been selling off their shares in both firms.
NTL is currently attempting to address its $17 billion debt under a new agreement whereby bondholders accept shares in the company, but this debt-for-equity idea has yet to receive the green light.
Telewest's move to restructure its operations marks a similar move to convince investors of its ability to sort out its finances.
Telewest Chief Executive Adam Singer said that despite "good operational improvement" the capital markets had doubts about the sector and would require the firm to do even more.
"We are in a climate in which capital is scarce and we have to respond to that," he added.
(CL)
The layoffs – which represent around 14% of the entire workforce – will come from the network operations division, while the consumer and business divisions will be merged to streamline the company.
While Telewest recently revealed a rise in core profits of 34%, investors have yet to respond to the company's current energetic form, as shares in the cable firm could soon drop to their lowest level ever – representing a decrease of 98% in share performance since the bursting of the tech stock bubble.
Both Telewest and NTL are being faced with the sizable debts both have incurred during the development of their cable, internet and phone service networks, and investors – concerned about the possible outcome – have been selling off their shares in both firms.
NTL is currently attempting to address its $17 billion debt under a new agreement whereby bondholders accept shares in the company, but this debt-for-equity idea has yet to receive the green light.
Telewest's move to restructure its operations marks a similar move to convince investors of its ability to sort out its finances.
Telewest Chief Executive Adam Singer said that despite "good operational improvement" the capital markets had doubts about the sector and would require the firm to do even more.
"We are in a climate in which capital is scarce and we have to respond to that," he added.
(CL)
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24 June 2002
Bondholders may have NTL chief replaced
Barclay Knapp's reign at NTL could soon be over as bondholders are reported to have called in a top corporate headhunter to garner a replacement CEO at the troubled cable company. According to a report in The Sunday Telegraph, Miles Broadbent has been talking to a former executive at NTL's main rival Telewest to succeed Mr Knapp.
Bondholders may have NTL chief replaced
Barclay Knapp's reign at NTL could soon be over as bondholders are reported to have called in a top corporate headhunter to garner a replacement CEO at the troubled cable company. According to a report in The Sunday Telegraph, Miles Broadbent has been talking to a former executive at NTL's main rival Telewest to succeed Mr Knapp.
01 March 2002
Quarterly report reveals Telewest's mixed results
Telewest Communications' quarterly results have revealed that the company's net debt is continuing to rise, and has edged over £5 billion for the quarter. This is in spite of a 17 per cent sales rise to £1.32 billion, which far exceeded even the most optimistic predictions.
Quarterly report reveals Telewest's mixed results
Telewest Communications' quarterly results have revealed that the company's net debt is continuing to rise, and has edged over £5 billion for the quarter. This is in spite of a 17 per cent sales rise to £1.32 billion, which far exceeded even the most optimistic predictions.
06 September 2001
Shares in mired Marconi tumble
Shares in crisis-hit telecoms equipment maker Marconi, have slumped 28 per cent to close at just 38 pence, wiping £400m off the firm's share value in one day. The FTSE 100 company has now lost 95 per cent of its value since the end of last year.
Shares in mired Marconi tumble
Shares in crisis-hit telecoms equipment maker Marconi, have slumped 28 per cent to close at just 38 pence, wiping £400m off the firm's share value in one day. The FTSE 100 company has now lost 95 per cent of its value since the end of last year.
13 August 2001
Bayer shares dive as drug linked to further deaths
Bayer shares took a nosedive on the stock market as the German chemical and pharmaceutical firm admitted that its anti-cholesterol drug Baycol/Lipobay could be linked to the deaths of 52 people. Bayer withdrew the drug last week after authorities in the United States said it could be the cause of 31 deaths there.
Bayer shares dive as drug linked to further deaths
Bayer shares took a nosedive on the stock market as the German chemical and pharmaceutical firm admitted that its anti-cholesterol drug Baycol/Lipobay could be linked to the deaths of 52 people. Bayer withdrew the drug last week after authorities in the United States said it could be the cause of 31 deaths there.
27 September 2001
Marconi shares hit all-time low as company rated “worthless”
Shares in beleaguered telecoms equipment manufacturer Marconi, have fallen to an all-time low after City analysts rated the company’s value as ‘worthless’. Investors in the company have seen Marconi’s share price tumble to 18p, from a sometime high of £12.
Marconi shares hit all-time low as company rated “worthless”
Shares in beleaguered telecoms equipment manufacturer Marconi, have fallen to an all-time low after City analysts rated the company’s value as ‘worthless’. Investors in the company have seen Marconi’s share price tumble to 18p, from a sometime high of £12.
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