Virgin Media reports strongest-ever results


17 Feb 2011108 Views

Virgin Media has posted its strongest-ever financial results after a particularly good fourth quarter.

The company provides broadband, pay television and telephony to UK customers and said its performance was driven by additional customers who are spending more.

The average amount spent by each cable user has reached a record high of £47.51 in the fourth quarter.

Virgin also added 76,600 more cable customers in the year, bringing its total consumer base to 4.8m.

Mobile contract customers were up by more than a quarter in the year to 1.2m.

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These additions helped revenue growth across all areas, with total revenues up 5.8pc to £3.87bn.

Quarterly revenue hit a record £1bn. Operating cash flow was up 9.9pc to £404m, also ahead of forecasts.

Chief executive Neil Berkett said the performance was sustainable, as he expects the market to continue growing modestly as new products and technologies come out.

“We have driven our consumer division to its highest-ever rate of revenue growth, maintained robust cost control and delivered our best-ever financial year,” Berkett said.

Article courtesy of Businessandleadership.com