Cable company Ziggo saw its turnover grow by just 0.2% in the first three months of this year, but net profit rose 3% to €223m.

Ziggo, which listed on the Amsterdam stock exchange last year, has been hit by heavy competition, in particular from KPN’s telecom and internet services, the Financieele Dagblad said on Wednesday.

The company expects full-year growth to be on the ‘lower end’ of its earlier 2.5% to 3.5% forecast and has increased its marketing activities in a bid to keep customers.

Last month, Liberty Global, which owns competitor UPC, took a 12% stake in Ziggo.