Soaring Virgin Media drives Liberty Global Q1 | Major Businesses | Business | News | Rapid TV News
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What is being claimed a successful continued execution of its convergence strategy and ‘robust’ consumer appetite for broadband and converged products has led to strong first quarter results from global media company Liberty Global with its UK subsidiary showing particular strength.
Liberty 4KminiTV 24Aug2020
For the quarter ended 31 March 2021, revenue increased 25.7% year-on-year to $3.6153 billion with Q1 net earnings leaping 41.5% on an annual basis to $1.440 billion. Adjusted EBITDA increased 18.9% on a reported basis compared with Q1 2020, but down 1.7% on a rebased basis, to $1.367 billion.

The company’s fixed mobile convergence campaign was also gaining momentum in the quarter with FMC penetration increasing to 29% from 23% in Q1 2020. The company reported that it had built 113,000 new premises during Q1, including 80,000 in the UK and Ireland.

And it was in the latter two territories that Liberty found its growth engine. Out of a total of 38,000 net additions in the quarter, UK and Ireland through Virgin Media contributed 31,000, a startling increase compared with 1,000 losses a year earlier. Virgin added 24,000 customers to its Lightning broadband footprint in the three-month period and reported its strongest first quarter customer additions since 2017. It also posted record-low Q1 cable churn, an acceleration in converged bundle growth and a 300% boost in new broadband subscribers.

Across Europe, the first quarter results also showed, Belgium’s Telenet lost 5,000 customer relationships in Q1, an improvement compared with a loss of 8,000 in Q1 2020, primarily driven by continued commercial momentum while Swiss operator Sunrise UPC gained 4,000 customer relationships in Q1, as broadband growth was partially offset by legacy video losses.