Ziggo lowers 2013 profit outlook

Ziggo lowers 2013 profit outlook

The largest cable group in the Netherlands, Ziggo, has reduced its 2013 growth forecast.

The company, which provides cable TV, broadband and telephony to three million households, said in April that it expects core profits to increase by between 2.5% and 3.5%. This figure has now been revised to 1%.

Reuters reports that Ziggo, which provides services to 56% of the Netherlands, plans to increase customer investment in order to retain customers in addition to developing a wireless internet product.

In April this year Liberty Global acquired a 12.65% stake in the cable provider, and the US group now holds a 15% in the company.

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