Triple-play bundles add to hat trick in Virgin Media’s Q3 earnings

2 Nov 2017

Virgin Media logo. Image: Jevanto Productions/Shutterstock

Strategy focused on network speed, triple-play bundles and TV content is working in Virgin Media’s favour.

Cable broadband, TV and mobile operator Virgin Media has reported a 2.4pc increase in revenues in Ireland during the third quarter, to €103.8m.

Combined with the UK, Q3 net additions increased 15pc year over year to 92,000 revenue generating units (RGUs), driven by new network build and a return to positive growth in Ireland.

‘Project Lightning is our initiative to bring gigabit internet speeds to homes and businesses across Ireland’

Within the mix, broadband RGUs grew 57,000 while video growth continued the positive 2017 trend with a 14,000 improvement in additions.

Delivering on digital

The cable company, a subsidiary of global cable giant Liberty Global, said that triple play, network speeds and investment in local TV content contributed strongly to the quarter.

“Sales of our triple-play bundles accelerated during the quarter and our increased investment in customer service is clearly making a difference with the latest ComReg customer report, showing Virgin Media had the lowest number of complaints per customer compared to all other operators,” said Paul Farrell, vice-president of commercial at Virgin Media.

“Our network speed leadership is delivering Ireland’s fastest broadband network to more consumers across Ireland.”

Farrell said that Virgin Media’s fibre roll-out around Ireland is steaming ahead.

“Project Lightning is our initiative to bring gigabit internet speeds to homes and businesses across Ireland. The impact and success of this programme has already generated real momentum, with over 45,000 new premises built over the past year.”

Farrell also said that its focus on acquiring local TV stations in Ireland is bearing fruit. Last year, Virgin Media acquired UTV Ireland for €10m. The previous year, it acquired TV3 for €87m.

“We continue to invest in TV3, where we recently launched an improved autumn schedule while opening an upgraded 3News Ireland hub to provide viewers with enhanced news and current affairs across the TV3 group channels,” Farrell said.

Virgin Media logo. Image: Jevanto Productions/Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years