Virgin Media has record quarter
Thursday 29 July 2010
Virgin Media posted the strongest revenue growth in a quarter since it was formed, and launched a share buyback.
The cable group boosted revenue 7 per cent between April and June to £964m over the previous year, a record since the company was created through the merger of NTL and Telewest. It added 9,100 new customers in the second quarter, compared to a loss of 27,800 a year ago, even though the period is usually weak.
The chief executive Neil Berkett added the group would spend up to £375m on buying back shares. This forms part of a £700m programme to deliver "appropriate returns to investors" while ensuring "suitable investment in the business". He also took a swipe at rivals after Ofcom published a report showing many of them provided customers with just half of headline speeds.
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