Sunday, 25 August 2019

Virgin Media adds 130,000 fibre subs, as Project Lightning fuels strong Q2 financials

Chris Kelly
Thursday 08 August 19

Revenues edged up to £1.279bn, as new fibre customers also helped to raise ARPU

  Virgin Media added 130,000 new subscribers to its full fibre networks in the UK during the second quarter of 2019, bringing the total number of additions in its Project Lightning initiative to 1.8 million. Virgin Media now boasts a total of 14…

 

Virgin Media added 130,000 new subscribers to its full fibre networks in the UK during the second quarter of 2019, bringing the total number of additions in its Project Lightning initiative to 1.8 million.

Virgin Media now boasts a total of 14.7 million broadband, cable TV and mobile customers across the UK.

The company posted a strong set of financials for the quarter which saw both net revenues and ARPU nudge up.

“Our disciplined and balanced approach to customer acquisition and capital expenditure has seen a return to growth in our sector-leading cable ARPU and strong free cash flow generation.

“Underpinning this is the continued success of our network expansion, new initiatives to improve sales and customer service and our fixed-mobile Oomph bundles which have already seen a doubling of customers attaching a mobile SIM to their package with meaningfully higher ARPU,” said Lutz Schüler, CEO of Virgin Media.

Earlier this quarter, Virgin Media announced plans to become the UK’s biggest provider of gigabit capable broadband services, as it looks to add 15 million new gigabit broadband customers to its books by 2021. The initiative will utilise Virgin’s existing cable network, using DOCSIS 3.1 technology to deliver gigabit capable broadband service. Phase one of this project will upgrade one million Virgin Media customers to gigabit services by the end of 2019.  

“With gigabit speeds launching this year and much more to come, we have rock-solid foundations in place and limitless ambition to seize the right opportunities to grow and give our customers more,” Schüler said.

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