Subscriber base stagnates as revenues hold steady in Q1 2014
Virgin Media’s revenues stalled in the first three months of 2014 as it posted revenues of £1.044bn, up just one per cent from the same reporting period last year.
EBITDA revenues were up 6 per cent at £445 million while mobile revenues were up 5 per cent.
Mobile subscriber growth stagnated with it adding just 8,300 customers over the quarter to its total of 3 million, although it added 78,600 contract customers to bring that figure to around 2 million.
189,700 more customers signed up for superfast broadband (30Mbps+) in Q1 and more than a third of its 4.4 million broadband subscriber base now have a service that offers speeds in excess of 60Mbps – an increase of 27 per cent compared to Q1 2013. The firm did add just 40,100 broadband subscribers over the period.
Subscribers to its TiVo television service now account for 56 per cent (2.1 million) of its total TV base.
“Virgin Media’s unrivalled network provides people with the speed and capacity they need to keep up with their busy lives,” said chief executive officer Tom Mockridge.
“The number of customers connecting at least five devices to their home broadband has doubled in the past year and we have seen peak internet use soar 60% in that time. More than a third of our customers have already chosen 60Mb broadband or above, speeds that are five times faster than the national average and are otherwise unobtainable across much of the country.”
Virgin Media announced yesterday (May 6) that it had became the first UK telco to offer a ‘quad play’ package of fixed-line, TV, broadband and mobile to subscribers.