Cable television company shows pounds 6.6m pre-tax loss

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The Independent Online
FLEXTECH, Britain's only quoted cable and satellite TV company, made losses before tax of pounds 6.6m in 1993, following its transformation from a loss-making oil company the previous year, writes Diane Coyle.

Roger Luard, managing director, said: 'The results are academic in the sense that our circumstances have been transformed.' Since the end of last year Flextech has merged with the European programming assets of United Artists European Holdings, in a deal that made TCI, the US cable TV company and UA parent, a 60 per cent shareholder in the enlarged company. It also took a 20 per cent stake in Welsh broadcaster HTV for pounds 27m in February.

Flextech contributes seven of the 12 channels in the Sky package, either through its ownership interests or management contracts.

The shares, nearly four times up on a year ago, fell 2p to 335p.

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