Liberty unveils strong third quarter

5 Nov 2012

Multinational cableco group Liberty Global has posted third quarter revenue of USD2.52 billion, up 4% year-on-year, or up 6% year-on-year if adjusting for M&A activity and currency movements. The gain in adjusted terms represents Liberty Global’s best quarter for sales in two years. Operating income rose 5% against the corresponding period last year to USD509 million, thanks in part to the higher revenue coupled with lower operating expenses measured as a percentage of revenue. The results were fuelled by a record number of broadband and telephony additions over the last twelve months.

At 30 September, the company claimed 19.6 million unique subscribers, and a total of 34.1 million revenue generating units (RGUs), comprising 18.2 million video customers, 8.9 million broadband internet users and 7.0 million telephony subscribers. 45% of the customer base subscribe to more than one product, up by around a quarter since 30 September 2011.

Commenting on the results, Liberty Global President and CEO Mike Fries said: ‘We delivered our strongest quarter of the year in terms of rebased revenue and operating cash flow performance. We have added 1.1 million organic RGUs, including 320,000 in the third quarter, and we continue to balance our market leading bundles with selective price increases in markets like Germany and the Netherlands.’ The executive also confirmed the company’s intention to continue with the tender offer to acquire the minority shares of its Belgian cableco Telenet.

United States, Liberty Global (incl. LGI)