Liberty books 1.5% uptick in Q1 revenue

12 May 2022

UK-based cable group Liberty Global has reported total revenue of USD1.85 billion for the first three months of 2022, down 47.0% from USD3.50 billion in Q1 2021 but an increase of 1.5% on a rebased basis. The steep decline in reported revenue is due to the removal of its UK-based Virgin Media division from its fully consolidated operations in mid-2021 when the unit was merged with O2 UK to create a non-consolidated 50/50 joint venture, Virgin Media O2 (VMO2). Adjusted EBITDA for the period stood at USD684.3 million an increase of 2.6% (rebased, -48.0% reported), whilst Adjusted Free Cash Flow grew to USD137.2 million from USD76.1 million a year earlier.

Across the group’s continuing operations in Belgium, Switzerland, Ireland and Slovakia it counted a total of 9.36 million fixed RGUs – a net reduction of 28,100 compared to Q4 2021 – and 4.126 million customer relationships (down by 3,900 quarter-on-quarter). Of that total, 3.441 million RGUs represented fixed broadband connections (a net increase of 14,100), 3.451 million video subscriptions (-21,900) and 2.469 million fixed voice lines (-20,300). Mobile subscriptions across the group’s continuing operations grew to 5.725 million, as net additions in Switzerland and Ireland offset a slight decline in Belgium.

Discussing the results, CEO Mike Fries was quoted as saying: ‘Revenue was flat to up in all markets versus last year, with strong Adjusted EBITDA growth in the UK, Switzerland and the Netherlands. Operationally, we delivered 100,000 aggregate broadband and post-paid mobile subscribers during the quarter driven by our converged bundles, our market-leading broadband speeds and increasing 5G coverage. Demand for connectivity remains high across our European markets and … we are seeing improved pricing power as inflation picks up, competition rationalises and the regulatory environment eases.’

United Kingdom, Liberty Global