Virgin Mobile gives it up for charity
One per cent of profits for good causes
Virgin Mobile is considering channelling one per cent of its pre-tax profits into a charitable trust. The company would let employees decide which good causes the trust would support.
The company is getting ready to float later this month. It is currently outlining its future strategy to institutional investors. The details of the trust will be revealed when Virgin publishes its prospectus for potential investors.
The charitable trust will have a similar structure to the Vodafone Foundation, according to the Guardian. Virgin will donate about £500,000 against Vodafone's £5m. Reports also suggest Virgin is predicting a three per cent share dividend - against Vodafone's two per cent.
Virgin will also detail customer numbers - counting only people who have used their phones in the last 90 days. That is expected to lower its customer headcount but Virgin claims average revenue per user of £145 and the lowest churn rate in the pre-pay mobile industry at just 14 per cent. ®