Liberty Q3 turnover drops to USD1.9bn

4 Nov 2021

UK-based cable group Liberty Global has reported total revenue of USD1.90 billion for the three months to end-September 2021, down from USD2.85 billion in the same period of 2020. The drop was due primarily to the completion in June this year of the merger of its Virgin Media division with O2 UK, which created a non-consolidated 50/50 joint venture, Virgin Media O2 (VMED O2). As such, Liberty claims that its turnover for the quarter grew by 0.7% year-on-year on a rebased basis. Adjusted EBITDA, meanwhile, was down by 34.8% (up by 1.0% rebased) to US758.5 million and Adjusted Free Cash Flow stood at USD304.3 million compared to USD403.0 million a year earlier.

The group counted a total of 9.41 million fixed RGUs and 4.13 million customer relationships across its continuing operations in Belgium, Switzerland, Ireland and Slovakia as at 30 September 2021, alongside 3.31 million RGUs and 1.55 million customer relationships in Poland, which Liberty marked as ‘discontinued’. Liberty agreed in September 2021 this year to sell its UPC Poland division to France’s Iliad Group for an enterprise value of PLN7 billion (USD1.76 billion). Liberty’s joint ventures (JVs) in the UK and the Netherlands represented a further 22.55 million fixed RGUs and 9.48 million customer relationships, meanwhile. In terms of its mobile services, the group claimed a total of 5.67 million subscriptions across its continuing operations, 116,100 in Poland and 37.19 million at its JVs.

Commenting on the results, CEO Mike Fries was quoted as saying: ‘Q3 marked the first full quarter of operations for all four of our converged national champions, as we continue demonstrating strong commercial momentum across the group. Operationally, we added 266,000 aggregate broadband and post-paid mobile subscribers during the quarter driven by continued execution of our convergence strategies. In the UK and Switzerland, we remain on track with our integration and synergy plans, while recently introducing new FMC portfolios at both Virgin Media O2 and Sunrise UPC.’

United Kingdom, Liberty Global (incl. LGI)