UK quad-play operator Virgin Media added nearly 100,000 new subscribers in 2015, fuelled by the rollout of its super-fast Project Lightning broadband service, but cuts 900 UK jobs.
Overall, Virgin Media – owned by Liberty Media – reported an operating income of £111 million in Q4 and £378 million for 2015. The operator now has 5.6 million cable customers, and 3 million mobile customers. The company reduced its customer churn year-over-year from 14.9 per cent to 14.3 per cent in Q4, with the UK customer churn improving from 14.6 per cent to 14.1 per cent. The company also added 159,000 post-paid mobile subscribers in 2015 (48,000 in Q4). The pace of the Project Lightning build accelerated in 2015 with over 40 per cent of new premises delivered in Q4. Overall ARPU and penetration was in-line with the company’s forecasts.
The company expects to expand its UK footprint by over 500,000 premises in 2016.
Tom Mockridge, Virgin Media CEO, said: “These results demonstrate a strong financial performance from Virgin Media. We’ve grown revenue and operating cash flow and improved cost control, since becoming part of Liberty Global.”