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Virgin Media releases results for 2nd Qtr 2007

# Aug 8, 12:38 PM by Mick

Virgin Media today releases its 2nd quarter 2007 results. To Summarise, VM said they had better than expected performance in TV, despite disruption caused by Sky basic channels dispute, they had 2,200 net additions. Gross customer additions in the second quarter were 191,900, up from 184,300 in the first quarter. Broadband customers increase by 51,000 to reach 3.5 Million. Virgin Mobile contract customers increased by 53,000 to 299,000. V+ households rise by 53,000 to 167,000.

Churn in the second quarter was 1.8%, up from 1.6% in the previous quarter. Total gross disconnections of 262,200, up 31,000, Virgin Media claiming this is due to their on-going spat with Sky regarding their basic channels.

On-net broadband net additions were 45,800, down from 87,900 in the previous quarter.

Total revenue was £995.0 million compared to Q1 2007 which was £1,021.9 million.

Virgin Media report strong VOD performance with 44% of its digital TV base now using VOD on a monthly basis. Compared to to just 36% at the start of the year. VM claim that on average, of those users of VOD, they each use it up to 14 times a month.

Virgin Media also mention that they are working with the BBC to offer iPlayer.

Virgin Media’s new channel ‘Virgin 1’ to launch in the autumn.

Commenting on the results, Steve Burch, Chief Executive Officer of Virgin Media, said:

“The second quarter results show encouraging broadband and mobile contract growth, a resilient performance by our TV business and signs that our fixed line telephony business is starting to react to renewed management focus. The new partnership with Setanta, the planned launch of sports and entertainment channels and our growing VOD platform makes us the superior pay TV offering in the country. Along with our enhanced broadband portal, we have significantly improved our content offering; while improved product bundling and further merger benefits mean the cash outlook for the rest of the year and beyond remains strong.”

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