2Q results announced for Virgin Media

7 Aug 2008

UK triple-play provider Virgin Media has announced its results for the three month period ended 30 June 2008, reporting an operating loss of GBP333 million (USD650 million) for the quarter. The substantial loss comes as a result of a GBP366 million write down of the value of Virgin’s mobile operations. Despite the deficit, the operator’s performance was stronger than expected, with churn down from 1.8% last year to 1.2%; customer losses for the period were 19,500, down from 70,300 last year. Revenues were marginally down, dropping 0.5% year-on-year to GBP990.5 million, with ARPU also falling 1.2% to GBP41.63. Virgin highlighted existing customers taking on additional services as a strong factor in its performance, and reiterated that it will launch a 50Mbps broadband service in the second half of 2008.

United Kingdom, Virgin Media