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Wednesday, April 25, 2012

Virgin Media financial results reveal a slight increase in revenue

Virgin Media’s results for the quarter ended 31st March 2012 show revenue up 2.4% to £1.0 billion and net income up to £7 million.

Mobile revenue was up 1.2% to £139 million, with contract phone revenue accounting for most of this.

There are now 1,588,000 ‘pay monthly’ customers using Virgin Mobile, an increase of 64,100 in the quarter. However, the company’s prepay subscriber base dropped by 93,400 users in the quarter to 1.4 million. Around 20% of Virgin’s cable TV customers currently have a Virgin Mobile phone.

Neil Berkett, Chief Executive Officer of Virgin Media, said “In the first quarter of 2012, we’ve made steady progress against our strategy. Demand for superfast broadband and TiVo, the UK’s first mass-market connected TV service, continued to gather momentum. We once again demonstrated the unique power of our network by starting to double the broadband speeds of over four million customers. We have seen an increase in ARPU and greater customer loyalty with our best subscriber retention for two years and this has reinforced our confidence that people increasingly appreciate the value of a genuinely next generation digital experience. In addition, a growing base of mobile contract subscribers together with strong revenues in Virgin Media Business showed again that we have multiple sources of revenue growth. Over the remainder of 2012, we expect continued steady progress across the company which, combined with the underlying resilience of our business model, will translate into strong cash flow and shareholder returns.”

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Author: The Fonecast
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