Business revenues boost ONO

Spanish cablenet ONO came in ahead of guidance in 2008 as the company achieved its first positive cashflow since it was established.

ONO benefitted from a 9% increase in business service revenues and an increase of 3% in SMEs. Fourth quarter revenues increased by 1.1% to 401 million from 396 million in Q3 2008. EBITDA of 181 million was ahead of the 179m in the third quarter.

Over 192,000 revenue generating units were added in the last 12 months on the back of the launch of its 50Mbps broadband service in the Madrid area and a consolidation of its leading position in the pay-TV sector.

However a fall in residential direct access customers decreased the customer base by 0.4%, standing at 1,919,000 as of December 31, 2008. Net churn remains high compared to other European markets at 18.7%, compared to 19.6% in the previous quarter. ARPU increased by 1.9% reaching 53.2 in the fourth quarter of 2008, as compared to 52.2 in the same period of the previous year.