Com Hem Q2 boosted by TiVo
Swedish cable television operator Com Hem has posted a 3.5 per cent rise in Q2 core profit and predicted mid-single digit sales growth in 2014.
Com Hem said profit before interest, tax, depreciation, amortisation, writedowns, one-off costs and currency swings rose to 566 million crowns ($83 million) from 547 million a year ago, helped by consumer services sales growth and the acquisition of business-to-business firm Phonera.
The operator also reported that is has passed the 100,000 subscriber mark for its TiVo TV offering. Com Hem said that its TiVo service now had 17.1 per cent penetration and a customer base of 103,000 subscribers – up from 74,000 in Q1 2014.
Comment on the results, Anders Nilsson, CEO of Com Hem, said: “Our business reported strong growth in the second quarter supported by the inclusion of Phonera’s B2B operations from March 31st. Total revenue was up more than 8 per cent compared to corresponding quarter last year, with consumer revenue increasing by more than two per cent. Our strong momentum within broadband continues with an all-time high number of broadband RGUs. We have also successfully returned our digital-television business to RGU growth, reaching an important milestone with more than 100,000 TiVo customers and further strengthening the product with 38 new channels added to TiVoToGo. Our TiVo customers now have over 100 channels available on several devices.”