24-07-2012, 11:11
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#3
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laeva recumbens anguis
Cable Forum Team
Join Date: Jun 2006
Age: 67
Services: Premiere Collection
Posts: 42,109
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Re: Virgin Media 2nd Quarter 2012 Results.
From the overview section (edited to make it easier to read)....
Quote:
OVERVIEW
Improved revenue growth from across the company
Revenue growth improved in the second quarter, up 4.2% to £1,027m.
Gross margin(4)improved by 4.7% to £624m. SG&A increased 3.8% to £212m, resulting in OCF of £412m, up 5.1%. Operating income increased 33% to £180m and net income was £65m, down by £33m.
Free Cash Flow was up 4.6% to £128m. Net cash provided by operating activities was down 19% to £231m.
Improved cable revenue growth
Consumer cable revenue increased 3.5% to £706m, reflecting the 3.1% cable ARPU growth.
Gross cable customer additions increased 7.0% to 181,700 while gross disconnections fell year-on-year for the third quarter in a row, down 4.6% to 196,300. On a percentage basis, monthly churn was 1.4%. While Q2 is traditionally a quarter of negative customer growth for seasonal reasons, the net impact was an improvement in the decline in the cable customer base of 14,700 in this quarter, compared to a decline of 36,000 in the same quarter a year ago.
We added a net 15,900 triple-play customers during the quarter. Triple-play penetration increased to 64.6% compared to 63.8% a year ago.
Strong superfast broadband and TiVo growth Demand for faster broadband continues to grow.
The superfast broadband customer base (30Mb and above) increased by 459,800 during the quarter, taking the total to 1.3m, which is more than three times the number of a year ago, and represents 31% of our broadband base. Of these, 590,000 customers are on our tiers between 50Mb and 100Mb. Around 41% of new broadband subscribers took speeds of 60Mb or higher during the quarter. Our programme to double the broadband speeds of over 4m customers is well underway with approximately 765,000 customers benefiting from upgraded speeds. We have upgraded 22% of our network for the new faster speeds since February.
At the same time, the appeal of TiVo is driving strong pay TV performance. We added 261,700 more TiVo customers during the quarter to reach a total of 938,800 at the quarter-end, which represents 25% of our TV customer base. We expect to reach a total of 1m TiVo customers this week. This uptake has helped to drive the overall number of paying TV customers, which increased by 37,800 in the quarter.
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