Virgin Media sees growth in TiVo and superfast broadband customers during Q1 2012
Virgin Media has announced an increase in revenue of 2.4% to reach £1bn for the first quarter of 2012, as it sees TiVo take-up grow.
The company has added 21,200 customers, while its TiVo customer base has also increased by 242,000, to 677,100 (18% of its TV customers).
The number of superfast broadband customers has also increase by 146,700 to each 843,600 customers, 20% of its cable broadband customers.
Neil Berkett, chief executive officer of Virgin Media, said: “In the first quarter of 2012, we've made steady progress against our strategy. Demand for superfast broadband and TiVo, the UK's first mass-market connected TV service, continued to gather momentum. We once again demonstrated the unique power of our network by starting to double the broadband speeds of over four million customers. We have seen an increase in ARPU and greater customer loyalty with our best subscriber retention for two years and this has reinforced our confidence that people increasingly appreciate the value of a genuinely next generation digital experience.
"In addition, a growing base of mobile contract subscribers together with strong revenues in Virgin Media Business showed again that we have multiple sources of revenue growth. Over the remainder of 2012, we expect continued steady progress across the company which, combined with the underlying resilience of our business model, will translate into strong cash flow and shareholder returns."