Heavily-indebted cable TV firm Telewest has unveiled narrower losses, and said it was exploring all available options to shore up its precarious finances.

The company said its net losses for the six months to August came in at �239m, 42% down from the same period one year earlier.

Telewest said its improved performance reflected stronger pre-tax earnings as well as gains on the sale of investments and the impact of exchange rate fluctuations on its dollar-denominated debt repayments.

New of the firm's stronger bottom line comes one day after its chief executive Adam Singer was replaced by finance director Charles Burdick.

Mr Burdick said the results had come at the end of a "tough" three months for the firm.

Restructuring

The company, which is thought likely to swap some of its debt for shares, added that it would explore all the options available to get itself back on a sound financial footing.

Telewest is weighed down under the burden of �5.3bn in debts after borrowing heavily to build its cable TV network.

Talks over a proposed restructuring which would have seen Telewest bondholders convert their holdings into shares collapsed in June.

Earlier this year, the firm announced plans to cut about 15% of its workforce and put up its prices in an attempt at stemming its losses.

The company said on Thursday that subscriptions to its ultra-rapid 'broadband' internet service had jumped to 192,000 over the last three months, helping to offset a slight decline in television subscriptions.

Telewest shares were unchanged at 2 pence in early trade.