Foreign exchange losses offset recent gains for Liberty Global

11 May 2015

UK-based multi-service cable group Liberty Global has reported a 0.4% year-on-year drop in Q1 revenue as the group suffered from lower subscriber additions, higher churn and negative foreign exchange movements. Turnover for the first three months of 2015 fell to USD4.517 billion from USD4.534 billion twelve months earlier, with the group noting that the positive impact of the inclusion of Ziggo, along with its organic revenue growth was fully offset by negative foreign currency movements related to the strengthening of the US dollar against all of its currencies. Net loss for the quarter was USD537.5 million, down from USD78.8 million twelve months earlier, although this was impacted by a USD340 million gain in Q1 2014 from the sale Chellomedia and foreign currency transaction losses increased from USD20.8 million in the first quarter of 2014 to USD1.036 billion during the period under review.

In operational terms, Liberty Global reported a total of 56.022 million revenue generating units (RGUs) as at 31 March 2015, an increase of 15.2% y-o-y and 0.1% quarter-on-quarter. Unique subscribers grew by 11.6% annually to 27.341 million, leading to a RGU per customer relationship rate of 2.05, up from 1.98 at end-March 2014.

United Kingdom, Liberty Global (incl. LGI)