Virgin Media Q1 2021 financial results

The preliminary Q1 2021 results for Virgin Media UK and Ireland have been published today.

Virgin Media’s fixed income release can be found here

Liberty Global’s press release can be found here

Commenting on the results, Lutz Schüler, CEO of Virgin Media, said:

“We’ve hit the ground running this year, sustaining the momentum we saw in 2020 and delivering a rock-solid performance.

“The demand for our services has never been clearer. Continued investment and innovation resulted in our strongest first quarter customer additions since 2017, record-low Q1 cable churn, an acceleration in converged bundle growth and a 300% boost in new broadband subscribers.

“A surge in mobile handset sales, coupled with strong top-line growth in B2B, drove our best overall revenue increase in nine quarters. This is combined with sustained investment in gigabit network expansion, digital transformation and customer service – all of which are instrumental components in establishing a stronger and nimbler business for the future

“As we look ahead, we remain focused on delivering for our customers and are ready and raring to go pending clearance of the proposed combination with O2.”