Virgin Media reports €100m profit in Q2 2016
5 August 2016 | 0
Second quarter results from Virgin Media parent company Liberty Global released today showed a 2% quarter-on-quarter increase in revenue to €100 million for its Irish operation. However, increased competition saw subscriber numbers decline across its TV, telephony and Internet services over the previous period.
In terms of network penetration, the company reported an additional 8,900 homes capable of receiving phone and broadband services.
Total subscriptions for the quarter across broadband, phone and video were 1,039,600, down 15,900 on the first three moths of 2016.
The company also reported 364,200 broadband subscriptions, 294,500 digital cable TV subscribtions, and 352,100 phone subscribers – down 3,500, 9,300 and 3,100 respectively on the previous quarter.
Mobile phone subscriptions saw an increase of 1,300 to 11,800.
Tony Hanway, CEO, Virgin Media Ireland (pictured), said: “Revenues increased quarter-on-quarter by 2% to €100 million as more customers availed of our high-value offerings… Our entry into Mobile will gather pace in the second half of 2016 as we plan to launch a mobile handset range for the first time coupled with free high speed 4G services across Ireland.
“On the TV broadcasting front, Virgin Media recently announced we have entered into an agreement with ITV plc to acquire UTV Ireland, the nation’s newest free-to-air commercial broadcaster. This is another exciting development for Virgin Media and demonstrates our continued commitment to providing great content for Irish viewers. The proposed acquisition adds Ireland’s newest TV channel to our existing portfolio, which includes TV3, 3e and is subject to competition and regulatory approval by the relevant governing bodies.”