Nynex CableComms reports fall in annual losses to pounds 63.1m last year

Nynex CableComms, one of the UK's largest cable telephone and television companies, reported a fall in annual losses to pounds 63.1m last year from pounds 72.1m in 1995. The reduction came after total revenue surged by 78 per cent to pounds 151m. Residential phone lines grew by 50 per cent, to 350,000, while cable television customers increased by 36 per cent to 268,519. Nynex said it had invested pounds 2.2bn in its UK network so far, with pounds 1bn still to be spent.

John Killian, chief executive, refused to be drawn on speculation about delays to the forthcoming pounds 5bn merger with Cable & Wireless's Mercury subsidiary, Bell Cablemedia, and the UK operations of Videotron. He said the deal was still on course to be completed in the spring. He confirmed he was not a candidate for the post of chief executive of the new company, C&W Communications, and said he would return to work for the parent company, the US Nynex Corporation, after the merger.