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Virgin Media Reports Return To Growth

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Virgin Media

Virgin Media has announced healthy figures for its third financial quarter thanks in part to a growing number of TiVo customers.

Virgin Media announced that it had added 6,300 net new customers in the last three months which will come as a relief to investors, following the surprise loss of 36,000 customers in the second quarter. Virgin Media now has over 13.8 million customers across its television, broadband and mobile divisions.

One of Virgin Media’s advantages over rival BSkyB, is the availability of the TiVo service on its platform. According to figures from Virgin Media, 222,000 households now have TiVo installed with the company’s engineers adding new installations at the rate of one every minute.

Virgin Media reported that subscribers have showed a willingness to pay for higher quality services, and as a result average revenue per customer was up by 3.2 per cent to a record £47.86.

Virgin Media

In the three month period, this growth helped to drive revenue up 2.2 per cent to £1 billion, which was in line with expectations.

Looking at the company’s broadband offering, Neil Berkett, CEO of Virgin Media, said that a quarter of the entire customer base, of 4.3 million, was subscribed to speeds of 20Mb or higher.

Berkett said: "Our results show that we're successfully serving what is a rapidly emerging market for better quality services. The demand for superior connectivity is accelerating as more people, regardless of their circumstances, recognise the best digital technology is worth paying more for.”

"This, along with subscriber growth, has increased revenue and we have had further substantial increases in free cash flow and OCF. Our strong and sustained financial performance allows us to continue to invest in giving our customers more value and further differentiating our range of market leading products," Berkett added.

Source: Virgin Media (pdf)

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