The Buzzword is "Profit" as Virgin Media 3rd Quarter results are in
# Oct 25, 05:08 PM by Mick
Cable operator Virgin Media, reported a turnaround to profit in its third quarter, as revenues grew 2.8 percent propped up by the addition of more customers. The cable company said it experienced strong demand for it’s TiVo service and Superfast Broadband. By the end of the third quarter, the company posted a net profit of Â£123.9 million, compared to a net loss of Â£73.8 million in the previous year.
It’s Superfast broadband customers grew by 452,900 to 1.8 million and TiVo customers increased by 205,900 to 1.14 million.
At the end of the 3rd Quarter, Virgin Media had 4.85 million customers, higher than 4.79 million customers, posted in Q3 2011.
Commenting on the results, Chief Executive officer, Neil Berkett said:-
“This has been a quarter where continued strong demand for superfast broadband and TiVo has led to lower churn and meaningful cable customer growth. Combined with progress in our business division, we have again delivered solid financial progress with continued revenue and OCF growth, translating into strong Free Cash Flow and shareholder returns.”