Virgin Media O2 says investors on track to receive £1.6bn payout in 2022
British telecoms giant Virgin Media O2 confirmed it is on track to fork out £1.6bn to its shareholders this year.
Virgin today reported financial results for the first quarter of the year revealing profit had climbed to £91.9m, up 5.3 per cent compared to the same period last year.
The company said the results put it on track to issue a bumper payout to its investors despite the company recording net free cash outflows of £319m. “The cash distribution to shareholders is anticipated to be £1.6 billion including cash from recapitalisations,” the company wrote, reiterating guidance for 2022.
Virgin Media O2 added a total of 478,100 mobile customers over the first three months of the year as its commitment not to reintroduce roaming charges set the firm apart from its rivals.
The company reported net losses to its 5.8m strong fixed customer base, shedding over 8,000 users despite the company investing £473m of capital in network infrastructure and customer experience across the quarter.
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