5th August 2016
Virgin Media Inc. ("Virgin Media") is the leading cable operator in the U.K. and Ireland, delivering market leading ultrafast broadband, video and fixed-line telephony services to 5.7 million customers and mobile services to 3.0 million subscribers.
Operating and financial highlights*:
Superior bundles, new build and continued low churn helped deliver organic customer additions of 24,000 in Q2, compared to a 12,000 loss in the prior-year period
Project Lightning on track to build more than 500,000 new U.K. premises in 2016; 85,000 premises added in Q2
Targeted investments to enhance our customer offer and drive sales in the U.K. and Ireland
Rebased revenue growth of 3% in Q2 (£1,197 million) and H1 (£2,375 million)
Operating income decreased by 24% (£79 million) in Q2 and by 16% (£168 million) in H1
Rebased Segment OCF growth of 1% (£533 million) in Q2 and 2% (£1,054 million) in H1
Property and equipment additions were 23.5% of revenue in Q2 and 23% of revenue in H1
Long-term debt hedged against currency fluctuations
Commenting on these Q2 2016 preliminary results Virgin Media Chief Executive, Tom Mockridge, said: "More homes and businesses than ever before are voting with their feet and moving to the better quality ultrafast broadband offered by Virgin Media.
“Customers are fed up with the slower broadband offered by providers operating over the ageing national telephone network.
“The proof is in the pudding. In areas with Virgin Media, more customers moved to us during the quarter than BT, Sky, TalkTalk and Vodafone combined.”
*The financial figures contained in this release are prepared in accordance with U.S. GAAP.
For the full Liberty Global release, go to: https://www.libertyglobal.com/pdf/press-release/Virgin-Media-Fixed-Income-Q2-2016-Report-FINAL.pdf