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Liberty Global: “In transition”

John Malone’s Liberty Global saw its Q1 revenues numbers decline 1.5 per cent to $4.51 billion (€4bn) and not helped by higher churn in Germany and a net gain of a “decidedly weak” 35,000 subs according to analysts at investment bank Jefferies. In particular the analysts pointed out that Germany had suffered losses in housing association connections.

The UK’s Virgin Media is 2.5 per cent ahead in terms of overall growth, although again Jefferies says that broadband net additions were “slightly soft” at 27,000 and well down on Q4’s 59,000, and the Q1 television numbers showed a net loss of 11,000 (Q4 growth was +22,000). Virgin Media’s anticipated financial synergies have now been achieved, states the bank’s ‘flash note’ to clients.

The bank says that Liberty’s management suggests this is a transitional quarter, reiterates the financial FY guidance, indicates RGU momentum is back up in April, and guides for >1 million RGU net additions for the full year ahead.

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