Liberty attributes dip in rebased revenue to pandemic effects

5 Nov 2020

UK-based cable group Liberty Global has published its financial results for Q3 2020, recording a 4.0% increase in reported revenue to USD2.95 billion, although the company noted that rebased revenue decreased by 1.3% y-o-y. Similarly, adjusted EBITDA contracted by 0.5% on a reported basis but fell by 5.0% on a rebased basis to USD1.21 billion. Explaining the decline in rebased revenue, Liberty noted that the change included a decrease of approximately USD28 million in the UK and Ireland associated with the loss of exclusive programming due to the COVID-19 pandemic, including credits that were given to certain customers and the estimated impact of customers cancelling their premium sports subscriptions. Earnings from continuing operations fell from a profit of USD587.2 million in Q3 2019 to a loss of USD973.6 million. Similarly, net loss attributable to shareholders for the three-month period was USD1.02 billion, compared to earnings of USD12.85 billion a year earlier.

As at end-September 2020 Liberty counted a total of 24.8 million fixed line RGUs and 10.75 million customer relationships across its markets, including 9.49 million internet subscriptions. The operator’s mobile subscriber base stood at 6.55 million at that date, up by 137,300 quarter-on-quarter.

United Kingdom, Liberty Global (incl. LGI)