Second quarter results from Virgin Media

Second quarter results from Virgin Media

August 9, 2015

Virgin Media has issued its latest second quarter results, which records that the operator managed to add just 51,000 (on/off net) new broadband customers during the quarter. Total broadband customers now stand at 3,467,100, maintaining Virgin Media’s position as the UK's largest residential broadband provider.

The slower than expected growth has been partly attributed to off-setting customer loses as a result of Sky removing its basic TV channels from the platform. Virgin Media’s lost subscribers, of which an estimated 40,000 is attributed to the removal of Sky’s basic channels, increased churn to 1.8%, up from 1.6% in the first quarter.

During the quarter, contract customers increased by 53,000 to 299,000; V+ households rose by 53,000 to 167,000; and triple play penetration increased to 45.2%, from 37.1% for the same period in 2006.

Consumers can get everything they may require from one company as Virgin Media is the UK’s only quad play of TV, broadband, phone and mobile plus an advanced TV on demand service, the UK’s first high definition TV service and V+, a high specification personal video recorder. Virgin Media is considered to be the UK’s largest residential broadband provider, the largest virtual mobile network operator and the second largest provider of pay TV and home phone.

There is strong ongoing interest from companies looking to buy Virgin Media. The company has decided to extend the process of inviting potential investors, due to the volatile debt market environment. It is rumoured that private equity firm Carlyle Group is preparing an $11.5 billion bid for Virgin Media.

Tim Yeo

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