Liberty books flat revenue in Q1

7 May 2020

UK-based cable group Liberty Global has reported a 0.3% year-on-year dip in first quarter revenue, booking turnover of USD2.88 billion for the three months to end-March 2020. Operating cash flow (OCF) fell by 2.8% over the same period to USD1.15 billion, which Liberty attributed to a combination of organic OCF decline and the negative impact of exchange rate movements. Adjusted free cash flow (FCF) improved to a loss of USD317 million from USD558.7 million in Q1 2019. Liberty reported a net loss of 18,900 customer relationships during the period, compared to a loss of 1,700 a year earlier, with slowing customer attrition at its Swiss and Belgian units offset by a decelerating growth in Poland and Slovakia (net additions of 6,100 compared to 11,700) and a reversal of fortunes in the UK and Ireland, where the company recorded a net loss of 1,100 compared to expansion of 35,500 a year earlier. Similarly, the operator reported a net loss of 104,700 RGUs, driven by declines in the UK (83,800) and Switzerland (29,100). Group-wide RGUs at end-March 2020 totalled 24.93 million across 10.71 million customer relationships, and included 9.37 million broadband subscriptions and 8.20 million video accounts. In addition, Liberty served 6.36 million mobile users.

United Kingdom, Liberty Global (incl. LGI)