Virgin Media has announced results for the third quarter of its financial year, with revenue up 2.8% to £1.028 billion for the quarter and net income rising to £124 million for the quarter.
Mobile revenue was down 3.1% year-on-year to £136.8 million for Q3 2012, with the change to mobile termination rates taking most of the blame. Prepay revenue fell while ‘pay monthly’ contract revenue increased. The total ‘contract’ customer base of mobile phone customers was up 18% year-on-year to 1.7 million while prepay numbers were down.
Neil Berkett, Chief Executive Officer of Virgin Media, said “This has been a quarter where continued strong demand for superfast broadband and TiVo has led to lower churn and meaningful cable customer growth. Combined with progress in our business division, we have again delivered solid financial progress with continued revenue and OCF growth, translating into strong Free Cash Flow and shareholder returns.”
[Results presentation (pdf)]