April 24, 2013

Virgin Media first quarter of 2013 results announced

Here's this quarter's business speak:

  • Revenue up 3.6% to £1,043m 
  • OCF up 5.8% to £399m
  • OCF before merger-related costs up 7.9% to £406m
  • Operating income up 14% to £150m
  • Net income of £139m, up from £7m
  • FCF(2)up 54% to £135m
  • Net cash provided by operating activities up 44% to £306m Improved churn, ARPU and customer mix Cable customer net additions of 8,600
  • Churn fell to 1.1%; sixth consecutive quarter of year-on-year improvement
  • Triple-play penetration up to 65%; quad-play penetration up to 16%
  • Cable ARPU up 5.2% to £49.38* Improved customer mix
  • TiVo customers increased 171,900 to 1.5m; 40% of the TV base
  • Paying TV customers(3)increased 13,700 to 3.3m; 87% of the TV base
  • Superfast broadband customers (30Mb and above) increased 337,900 to 2.5m; 58% of the cable broadband base
  • Contract mobile customers increased 35,100 to 1.7m; 58% of the mobile base
  • Business division: new major backhaul contract wins from Sky, Telefonica and another large UK mobile network operator 

Very, very rich bloke Neil Berkett, Chief Executive Officer of Virgin Media, said: 'We have had a good start to the year with accelerated revenue growth, improved churn, and strong free cash flow growth. The great value we provide through our Collections packages, which bundle superfast broadband and our next generation TiVo service, has seen new customers join and our existing customers stay loyal to us. This positive momentum in the business positions us well for our planned merger with Liberty Global.'

Interesting that the business division has secured Sky as a big contract...

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