Feeds

Virgin Media survives World Cup, buys back shares

Back of the net

Internet Security Threat Report 2014

Did the World Cup bring any sunshine to Virgin Media? The company today announced profits of £80m on increased turnover of £964m in its most recent quarter. But long-suffering shareholders take precedence over customers - Virgin will spend £375m buying back shares. Buy-backs usually have the goal of raising the share price.

Virgin also gave itself the target that debt should be reduced to three times its annual operating cashflow "within two to three years". NTL, having absorbed its only cable rival, acquired Virgin Mobile four years ago.

Average revenue per cable user rose to £45.88, the highest ARPU figure yet. Virgin also claimed 9,100 new cable customers, compared to 27,800 in the same period a year ago - although the World Cup must have helped - with gross additions of 188,000, up 18 per cent.

Virgin has had some success in upgrading broadband users to the 50Mbit/s tier - it says 74,000 customers are now on the high-speed service, up 28 per cent in three months.

Virgin says that 79.7 per cent of TV users are also HD+ subscribers, and 62.4 per cent opt for a triple-play bundle of TV, phone and broadband. The financials include Virgin's Mobile business, which saw £136.3m of revenue. Here Virgin is focusing on attracting contract customers - it now has over a million of them - rather than prepay users.

Virgin offloaded its VMtv channels this month to Sky this month, worth an initial £112m; but it retains a stake in UKTV, home to repeats channels Dave and Gold. ®

Security for virtualized datacentres

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Reducing the cost and complexity of web vulnerability management
How using vulnerability assessments to identify exploitable weaknesses and take corrective action can reduce the risk of hackers finding your site and attacking it.