Cable operator ntl may be close to profit as its turn-around in financial fortunes continues.
The group, which has operations on Teesside, gave further assurances yesterday that its debt restructuring while under Chapter 11 bankruptcy protection would eventually bear fruit.
Ntl said it had reversed two years of customer losses at its TV services by recruiting 13,900 subscribers in the past quarter.
Announcing a 79 per cent fall in net losses to £130m, the company said that broadband was leading growth at ntl Home, which recently signed up its one millionth broadband customer.
Ntl Home, which offers broadband Internet, telephone and TV, signed up 58,400 more customers between October and December - the fourth quarterly increase in succession.
The company said it became "cash flow positive" in the fourth quarter, meaning it could generate enough money to run the business without incurring debt.
Ntl said quarterly revenues grew by eight per cent to £577m, totalling £2.23bn for the year, while total net losses for last year fell to £584m from £1.58bn previously.
Chief executive Simon Duffy said the figures represented a significant return to growth. Ntl was in a strong position for continued growth in 2004 and beyond, he said.
Anthony Platts, assistant director at stockbrokers Wise Speke, said ntl turning cash flow positive was "most significant".
He said: "Ntl is now in a far better position to renegotiate its long-term debt, leading to a lower cost of servicing the debt.
"Provided things go to plan, we cannot be far away from seeing ntl making profits in the near future."
Ntl told the New York Stock Exchange, where it is listed, that it was working with Credit Suisse First Boston, Deutsche Bank AG London, Goldman Sachs and Morgan Stanley to set up a senior secured credit facility that would provide the group with up to £2.425bn.
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