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April 26, 2012

Virgin Media hit £1 billion in revenues for first quarter

Virgin Media’s revenue hit £1 billion for the first quarter of 2012 helped greatly by the Usain Bolt adverts that have been running and helping drive new customers to Virgins superfast broadband.

virgin media usain bolt Virgin Media hit £1 billion in revenues for first quarterThe 2.4% rise in revenue took Virgin Media up to the £1 billion mark with the earnings per cable customer increasing by 1.7% to £46.95 per year.

Virgin Media added a net 21,000 new cable customers which was also helped by a lower churn of customers disconnecting. Instead Virgin Media also increased the numbers on it’s superfast broadband base (30Mb and above) by 146,700 to make give them 843,600 customer snow on those broadband speeds or above.
It was not just the broadband side of things which improved, the TiVo customer base also had a huge increase of 242,000 to 677,100 by the end of March 2012.

The Virgin Media Chief Executive, Neil Berkett, said:

In the first quarter of 2012, we’ve made steady progress against our strategy. Demand for superfast broadband and TiVo, the UK’s first mass-market connected TV service, continued to gather momentum. We once again demonstrated the unique power of our network by starting to double the broadband speeds of over four million customers. We have
seen an increase in ARPU and greater customer loyalty with our best subscriber retention for two years and this has reinforced our confidence that people increasingly appreciate the value of a genuinely next generation digital experience.

In addition, a growing base of mobile contract subscribers together with strong revenues in Virgin Media Business showed again that we have multiple sources of revenue growth. Over the remainder of 2012, we expect continued steady progress across the company which, combined with the underlying resilience of our business model, will translate into strong cash flow and shareholder returns.

Virgin Media’s Usain Bolt adverts see the sprinter with a beard much like that of Richard Branson as Virgin push to get new customers signed up to their superfast fibre broadband deals.

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