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Virgin Media reports lowest cable customer churn in Q3-2014

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 BENGALURU:  Virgin Media Inc (Virgin Media), a wholly-owned subsidiary of Liberty Global plc (Liberty Global) and a leading cable operator in the United Kingdom (UK) reported lowest ever annual customer churn in Q3-2014 (Quarter  ended 30 September 2014), since Virgin Media was formed in 2007 at 14.9 per cent as compared to a churn of 15.3 per cent in Q3-2013. This churn record has contributed to cable customer growth more than doubling to 35,000, the highest quarterly customer additions since Q4 2012, says the company.

Note: Currency mentioned in this report is ? or British Pound

The company’s selected results for Q3-2014 say, ‘The number of subscribers to each of our cable products increased, with 88,000 organic RGUs (revenue generating units) added y-t-d (nine month period ended 30 September 2014 or 9M-2014) , including  70,000 in Q3, compared to declines of 16,000 and 7,000 in the respective prior year periods. This can be partially attributed to the successful launch of our "Big Bundles" in Q2 2014, which offer combinations of our cable products and resulted in the acquisition of more double- and triple-play customers than during the same period last year. Average Monthly Revenue per Customer Relationship increased 2 per cent to ? 48.98 year-over-year.’

Virgin Media reported 2.3 per cent growth in revenue in Q3-2014 at ? 1046.8 million from ? 1022.8 million in Q3-2013. 9M-2014 revenue grew 1.7 per cent to ? 3145 million from ? 3092 million in 9M-2013.

Four segments contribute to Virgin Media’s revenues – ‘Cable Subscription’, ‘Mobile Subscription’, ‘Business’ and ‘Other’

Television subscription revenue in Q3-2014 fell 3.3 per cent to ? 234.7 million from ? 242.6 million in Q3-2013. Y-t-d, television subscription revenue fell 1.5 per cent to ? 717.9 million from ? 728.6 million in 9M-2013.

Overall cable subscription revenue includes revenue from television, internet and telephony. Cable subscription revenue for the quarter grew 3 per cent to ? 724.5 million form ? 703.6 million in Q3-2013. Within cable subscription, internet revenue grew 19.8 per cent to ? 259.8 million in Q3-2014 from ? 216.9 million in Q3-2014. Telephony subscription revenue fell 5.8 per cent to ? 230 million in Q3-2014 from ? 244.1 million in Q3-2014.

For 9M-2014, cable subscription revenue increased 3.3 per cent to ? 2188.9 million from ? 2119.0 million in 9M-2013. Internet revenue in 9M-2014 grew 16.2 per cent to ? 756.2 million from ? 650.7 million in 9M-2013. Telephony revenue for 9M-2014 fell 3.4 per cent to ? 714.8 million from ? 739.7 million in 9M-2013.

Virgin Media says that it is the first provider of all four broadband, TV, mobile phone and home phone services in the UK. The Company’s cable network - the result of multi-billion pound private investment - delivers ultrafast broadband to over half of all U.K. homes, with speeds of up to 152 Mbps, as well as market-leading connectivity to thousands of public and private sector organisations across the country.

Virgin Media says that it has developed UK’s most advanced interactive television service, and was the first to offer HD TV and access to connected services through the set-top box to millions of British households. It also launched the world’s first virtual mobile network and is one of the largest fixed-line home phone providers in the country.

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