Aug. 8, 2017, 11:18 a.m.
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Virgin Media Ireland reported a 2 per cent rise in revenues in the second quarter despite a decline in the number of television subscribers it has.
The company, which rebranded from UPC in late 2015, said revenues increased to € 102 million from € 100 million a year earlier as the number of mobile customers reached an all-time high.
It said its revenue generation unit (RGU) performance returned to positive territory with improvements across all its product range during the second quarter.
Virgin had a total of 366,100 broadband subscribers at the end of June, up 1,700 versus the previous quarter and by 1,900 on an annual basis. It also had 296,500 television subscribers, down 1,400 versus the prior quarter and 26,800 lower versus the same three-month period in 2016.
The company reported a record 12,600 additional mobile subscribers in the second quarter on the back of a SIM-only postpaid promotion to bring the total to 40,500.
Virgin began offering mobile services to customers from October 2015, under a mobile virtual network operator agreement with Three Ireland.
Paul Farrell, vice-president of commercial at Virgin Media Ireland said the rise in revenues reflected the acquisition of UTV Ireland and continued growth in its mobile and B2B segments.
“We are generating real momentum with our network build and have already switched on new homes and businesses in Dundalk, Drogheda, Ballina, Enniscorthy, Gorey, Tullamore, Kildare and Greystones. Ultrafast Broadband is becoming essential and our new customers are benefiting from being connected to Ireland’s only truly ultrafast broadband network,” said Mr Farrell.
He said the company’s broadcast business had a strong quarter. TV3, which recently announced a new advertising partnership with Sky, officially opened a newly upgraded Studio One in May and recorded an all-time high of 18 per cent share of viewing.
Virgin’s parent, Liberty Global, reported a 10 per cent decline in second quarter revenue to $4.58 billion in the second quarter.
The company recorded quarterly operating cash flow of $2.10 billion, down 9 per cent versus the same period a year earlier. Operating income climbed 32 per cent to $641.9 million despite its European business recorded a 16,100 decline in television subscribers.
Liberty, which is owned by Irish American billionaire John Malone, acquired Virgin Media for $23.3billion in 2013.