Virgin Media strong Q2

Virgin Media, the UK cable operator has published preliminary unaudited operating and financial  information for the three months ended June 30th 2014.

Highlights include
– Rebased revenue increased 3 per cent to £1,054 million in Q2 and 2 per cent to £2.098 billion (€2.5bn) YTD
– Rebased cable revenue growth fueled by Q1 2014 price rise and growth in internet RGUs improved customer mix driving 12 per cent growth in Q2 rebased mobile subscription revenue
– Return to growth in business with rebased revenue growth of 6 per cent in Q2
– Q2 rebased revenue growth rate achieved despite a £7 million revenue loss following the May 1st 2014 legislative change in value added tax (“VAT”) rules
– Rebased OCF3 increased by 6 per cent in Q2 and 6 per cent YTD to £459 million and £904 million, respectively
– Virgin Media generated operating income of £39 million in Q2 and £58 million YTD.

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