Virgin Media O2 reports slight bump in revenue after price hikes
Virgin Media O2 reported a slight increase in revenue in the first quarter of 2023 as a result of price increases and stronger consumer retention.
Adjusted quarterly revenue increased by 3.9 per cent on the same period last year to £2.6bn, the company announced today.
Adjusted EBITDA for the first quarter increased by 2 per cent to £950.4 million. The company said that its earnings were partly held back by higher energy costs.
Mobile revenues grew by 3.4 per cent to £1.43bn as the company benefited from raising contract prices.
The company said its fixed customer base grew by 20,900 net additions in the quarter, taking the total base to 5.8 million as it held onto customers despite price increases.
It added that it was on track to deliver 5G services to half of UK homes this year and did not change its full year guidance.
“We continue to invest in the upgrade and expansion of our footprint and we are on-target to cover 80 per cent of the country with full fibre. When coupled with bringing 5G services to more areas and reaching half of the UK(ii) this year, we are playing a big role in future-proofing the UK’s digital infrastructure,” chief executive Lutz Schüler said in a statement.
“With strong foundations in place and as commercial momentum builds, supported by price increases, we remain on track to meet our 2023 guidance,” Schüler added.