Virgin posts strongest full-year results

City A.M. Reporter
Virgin Media added a solid number of new customers in the fourth quarter and extracted record customer spend, helping it to post its best ever full-year financial results.

Virgin Media, which competes with BT and BSkyB to provide broadband, telephony and pay-TV, said it added 17,100 net new subscribers in the last three months of the year.

Cable customer net additions for the full year were 76,600, up from 17,600 for 2009, due to good demand for broadband.

It sold 44,100 new broadband products to customers and 12,100 new TV services, taking the average revenue per user up 4.9 per cent to a new record £47.51p

The strong operating performance helped Virgin Media to post quarterly revenues over 1 billion pounds for the first time.

Fourth quarter revenue was up 6.6 per cent to £1bn, ahead of a company supplied poll forecasting £992m, operating cash flow was up 9.9 per cent to £404m, also ahead of forecasts.

"A strong financial performance combined with the launch of a number of market leading product developments ensured 2010 was a year of great achievement for Virgin Media," Chief Executive Neil Berkett said.

"We have driven our consumer division to its highest ever rate of revenue growth, maintained robust cost control and delivered our best ever financial year."