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Liberty books slump in reported revenue amidst subscription losses

2 Nov 2022

UK-based cable group Liberty Global has reported total revenue of USD1.75 billion for the three months to end-September 2022, a decrease of 8.2% year-on-year on a reported basis. Adjusted EBITDA for the period fell by 12.5% y-o-y to USD664 million, whilst adjusted free cash flow fell to USD148 million from USD292 million in Q3 2021.

The group recorded net decreases in ARPU per fixed customer relationship – falling to USD61.62 from USD68.89 a year earlier – and mobile ARPU, which fell by 8.5% to USD23.8. Liberty’s continuing operations in Belgium, Switzerland, Ireland and Slovakia also saw a combined quarterly net loss of 14,000 fixed line customer relationships, for a total of 4.090 million. Similarly, Liberty claimed a total of 9.199 million fixed RGUs in Q3 2022, representing a net loss of 82,900 compared to the preceding quarter. The group added 46,000 net new mobile subscriptions to bring the total to 5.83 million, with its Swiss division accounted for 40,900 of the net additions.

Regarding the results, Liberty Global CEO Mike Fries was quoted as saying: ‘Despite the macroeconomic challenges in Europe we clearly have a resilient business model, as demonstrated by our solid results in Q3. Connectivity remains an essential service with strong demand across our footprint for reliable and seamless access to high-quality fixed and mobile networks. We also remain focused on supporting our customers who are experiencing higher living costs by offering connectivity services that are both affordable and robust. Simultaneously, we are offsetting the impact of high energy and labour costs by driving digital initiatives, taking reasonable price increases and executing on synergies in the UK and Switzerland.’

United Kingdom, Liberty Global