UK-based cable group Liberty Global has reported total revenues of USD1.75 billion in the second quarter of 2022, a decrease of 41.3% from USD2.99 billion in Q2 2021, but up 1.0% year-on-year 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 fell to USD649.8 million (a decline of 45.8%/3.6% on a reported/rebased basis) whilst Adjusted Free Cash Flow dipped to USD427 million from USD586.9 million.
Across the group’s continuing operations in Belgium, Switzerland, Ireland and Slovakia it counted a total of 9.28 million fixed RGUs – a net reduction of 74,300 compared to Q1 2022 – and 4.11 million customer relationships (down 19,900 quarter-on-quarter). Of that total, 3.44 million RGUs represented fixed broadband connections (a net decrease of 4,600), 3.41 million video subscriptions (-38,000) and 2.469 million fixed voice lines (-31,700). Mobile subscriptions across the group’s continuing operations grew to 5.79 million, as net additions in Switzerland and Ireland offset a slight decline in Belgium.