Virgin solid results as sale confirmed

Virgin has reported that total revenue for 2012 was up 2.7 per cent to £4.1 billion (€5.06bn), and up 1.6 per cent to £1,040 million for the quarter. Operating Cash Flow was up 4.0 per cent to £1.654 billion and net cash provided by operating activities was £1,040 billion for the year.

The average number of shares in issue reduced 12 per cent in the year with the repurchase of 21 million shares.

Operationally, Cable revenue was up 3 per cent for the year with Net cable customer additions of 88,700 in the year. Cable ARPU was up 2.1 per cent to £48.87 in the quarter. TiVo customers increased 896,900 in the year, 187,300 in the quarter. Pay TV customers increased 210,000 in the year, Superfast broadband customers (30Mb and above) increased 1.5 million in the
Year.

Neil Berkett, Chief Executive Officer, said: “2012 was a year of record cable customer growth, where mainstream demand for superfast broadband and TiVo has led to lower churn and a strong increase in new subscribers. Combined with growth in our business division, we have delivered solid financial progress.”

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