Virgin Media reports 3.6 per cent revenue growth as TiVo take-up continues
Virgin Media has reported a 3.6 per cent rise in its revenue for the first quarter of the year at £1,043m as it saw a continued take-up of its TiVo service and a 'flat' rate in the number of new mobile customers.
The media provider, which is currently being acquired by US firm Liberty Global in a deal worth £15bn, reported a 14 per cent increase in operating income to £150m, and net income of £139m.
The company's TiVo platform saw an increase of 171,900 during the first quarter of the year, reaching 1.5m, 40 per cent of it's TV custom, while its superfast broadband offer increased to 2.5m customers, a rise of 337,900. It's contract mobile custom also grew to 1.7m, with 35,100 taking contracts with Virgin Media.
Neil Berkett, CEO 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."
The acquisition of Virgin Media by Liberty Global was cleared last week by the EU merger regulation.