Virgin Media Reports Preliminary Q 06 Results

Virgin Media Inc. ("Virgin Media") is the leading cable operator in the U.K and Ireland, delivering market leading ultrafast broadband, video and fixed-line telephony services to 5.6 million cable customers and mobile services to 3.0 million mobile subscribers.

Operating and financial highlights:

Organic net customer additions of 48,000 in Q1 2016 compared to 5,000 in Q1 2015

Delivered a record 55,000 net customer additions in the U.K, supported by record low churn

Q1 organic RGU additions increased significantly to 93,000, compared to 16,000 in prior-year period

Superior bundles and U.K new build driving improved YoY RGU performance across our portfolio, as evidenced by 67,000 internet4 and 44,000 fixed-line telephony additions in Q1

U.K RGU additions of 110,000 represents our best Q1 growth since 2010

Improved growth in postpaid mobile additions to 47,000 in Q1, compared to 19,000 in Q1 2015

Product enhancements in Q4 2015, including our U.K. speed boost and addition of Replay TV in Ireland, underpin our Q1 2016 price increases

Continued improvement in customer churn trend with YoY reduction in the U.K and Ireland

Q1 customer churn of 14.1% compared to 14.5% in Q1 2015; record low U.K churn of 14.0%

On-track to add more than 500,000 Project Lightning premises in the U.K during 2016

Added 70,000 Lightning premises in Q1

Announced at least 25% of our Lightning build will be fibre-to-the-premises ("FTTP")

Build cost per home, penetrations and ARPU in-line with business plan

Investing for growth; targeted investments to enhance customer offer and drive sales

Broadband speed leadership: 300 Mbps launch for Small Office / Home Office ("SOHO") in the U.K. and new 360 Mbps top speed tier for customers in Ireland during Q1

Enhancing our TV platform in the U.K:

Added new on-demand programming in Q1

Working on further improvements to user-interface in the second half of 2016

Preparing to launch new set-top box platform

Sales & marketing: increased brand and sales activity supporting Project Lightning and SOHO

Rebased revenue growth of 4% for Q1 to £1,178 million

Q1 rebased Segment OCF growth of 4% to £520 million and Segment OCF margin of 44.2%

Operating income of £89 million in Q1 2016 as compared to £97 million in Q1 2015

Property and equipment additions as a percentage of revenue increased by 160 basis points to 22% in Q1 due to a higher level of new build

Full Liberty Global results can be found here: bit.ly/LGQ116

LINK:	http://about.virginmedia.com/press-release/9515/virgin-media-reports-p...
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