Virgin Media releases results for Third Quarter 2007
# Nov 7, 11:14 PM by matt
Virgin Media has released its 3rd Quarter 2007 results, which show an improvement over the Q2 2007 results. Q3 saw net gains of 122,900 broadband customers (compared to 50,500 in Q2 2007), 13,700 telephone customers (-46,500 in Q2), 20,400 TV customers (2,200 in Q2) and 15,900 mobile customers (-46,500 in Q2). Triple play penetration is now 47.0% compared to 38.7% a year ago.
Quarter 3’s churn was 1.7%, compared to Q2’s 1.8%.
The operating income was Ãƒâ€šÃ‚Â£47 million (Ãƒâ€šÃ‚Â£3m in Q2), while the total revenue was Ãƒâ€šÃ‚Â£1,006.2 million (Ãƒâ€šÃ‚Â£995.0m in Q2).
Q3 has seen the completion of the upgrade of VM’s top-tier broadband service to 20Mbps, and there is an ongoing trial of 50Mbps. Significant speed increases are planned for 2008.
The top-tier basic TV package now includes 6 Setanta Sports channels, plus Q3 has seen the launch of “Virgin 1” on VM, digital satellite, and Freeview.
Neil Berkett, Acting Chief Executive Officer of Virgin Media, commented:
“Our third quarter results show a significant turnaround in customer and RGU growth with our best customer, broadband and telephony growth since the cable merger in March 2006. With the cable merger integration expected to be complete by year end, we can focus on continuing to improve the fundamentals, enhancing our products, reducing our churn, and delivering on our competitive strengths.”