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Virgin Media Release 4th QTR Results

# Feb 25, 03:53 PM by Mick

Virgin Media reported its 4th Quarter results today that revealed an additional 63,600 broadband customers and 56,900 new TV customers. In addition the uptake of the V+ PVR kept growing with in excess of 100,000 new subscribers over the quarter and churn declined to 1.2% in the final quarter.

In the fourth quarter, average revenue per user rose to 44.81 pounds as more users take multiple services from Virgin Media. Virgin Media said that it now has 60.5% of customers taking up three services while 10.7% are taking all four offerings.

There was 40,600 new cable and non-cable customers; 228,900 product net additions. 63,600 new cable broadband subs compared to 57,100 in Q4-08 – 45% more homes on 20Mb or higher than a year ago reflecting improved demand for higher speeds. Announced today, 100Mb service to be commercially launched later this year.

There was 56,900 new digital TV subs, 112,700 new V+ HD subs and 74 million average monthly Video-On-Demand views as growing awareness of total TV offering leads to strong take-up.

77,100 new mobile contract subs; total up 46%, nearing 1 million milestone.

Commenting on the results – CEO of Virgin Media, Neil Berkett said:

“In the fourth quarter, we successfully grew both the size and quality of our customer base. New and existing customers responded to an increasingly differentiated product portfolio and competitively priced bundles by buying more, higher value products. This demand underpinned growth across all our product lines and record ARPU which, combined with stable churn, drove a 6% increase in consumer cable revenue and 55% free cash flow growth.

We continue to invest in the quality of our services: nearly all our 3.8m cable broadband subscribers now have a 10Mb service or higher; we are steadily enriching our pay TV service with exclusive on-demand content and new HD channels; the use of our market leading video-on-demand service has reached record levels; and attractively priced deals are fuelling continued growth in contract mobile subscriptions.

In a rapidly evolving market, we are also laying the foundations for long term growth. Despite other operators’ embryonic investment in fibre, Virgin Media’s cable network will, for the foreseeable future, provide an unparalleled platform for delivering successive generations of new and innovative services.

We are exploiting this advantage by expanding our trials of a 200Mb broadband service and are planning the commercial launch of a 100Mb service later this year. The development of our next generation TV platform is progressing well and we are confident it will provide the UK’s most accessible, comprehensive and seamless home entertainment experience.

Our range of high quality products, combined with investment in technological innovation, new growth channels and targeted cost control, mean we believe we are well positioned to continue to deliver strong operational and financial performance.”

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