First the good news: more people are signing up to Virgin Media’s broadband and mobile phone bundles, helping the company makes its highest number of customers in five years, with an extra 19,000 taken out.
Now the bad: the number of its TV subscribers continued to fall in the UK (and Ireland) down 19,400 in the second quarter. Whilst the broadband service grows the TV service appears to be floundering, with the imminent XL price hike in September likely to further the customer drift to Sky or other services. I'm probably not alone in questioning the value I'm getting for my £119 a month cost, especially as Now TV seems to have sorted out its act and is a viable service at last for a reasonable cost. If the new Now TV full HD box launches this month then I will weigh up my options come the autumn.
Back to the results: the rate of people deserting Virgin Media fell to 14.1 per cent in the second quarter, down from 15.3 per cent a year earlier. Overall VM added another 106,000 customers on a net basis - those joining less those leaving - in the second quarter, giving it a total of 5.02 million UK customers. Overall UK revenues of £2.1billion for the first half of 2015 were reported, up 3.1 per cent on a year earlier.
Sky last month reported an 18 per cent jump in profits and an extra half a million customers in the UK and Ireland over the past year.