Liberty Global books 4.5% dip in revenue

4 Aug 2020

UK-based cable group Liberty Global has published its financial results for Q2 2020, recording a 4.5% year-on-year drop in revenue to USD2.72 billion. The operator noted that the decrease was primarily attributable to organic revenue contraction and negative foreign exchange movements, in particular the weakening of the British pound and the euro against the US dollar. Liberty also highlighted that it was affected by a decrease of approximately USD28 million in the UK and Ireland due to the cancellation of certain sporting events due to the COVID-19 pandemic. Adjusted EBITDA for the period, meanwhile, was down 0.2% y-o-y to USD1.19 billion, with the operator highlighting reduced customer care costs due to the temporary closure of call centres, along with lower marketing costs and lower handset sales costs due to the closure of its stores. Adjusted Free Cash Flow fell by 23.0% y-o-y to USD456 million, whilst net earnings attributable to shareholders fell from profit of USD53 million in Q2 2019 to a net loss of USD524 million in 2Q20.

As at end-June 2020, the group counted a total of 24.88 million RGUs and 10.72 million customer relationships across its markets, plus a mobile subscriber base of 6.41 million.

United Kingdom, Liberty Global (incl. LGI)