By Lilly Vitorovich
LONDON--Virgin Media Inc. (VMED) said Wednesday that it's made a
good start to 2013 as the U.K.'s second biggest pay-television
operator booked a rise in first-quarter profit and revenue,
underpinned by 8,600 new cable customers and existing customers
spending more on products and services.
Chief Executive Neil Berkett said the positive momentum
positions the company well for its planned merger with Liberty
Global Inc. (LBTYA), Europe's biggest cable operator.
MAIN FACTS:
--First-quarter revenue rose 3.6% to GBP1.04 billion from
GBP1.01 billion.
--Adjusted operating cash flow rose 5.8% to GBP399 million.
--Operating income rose to GBP149.8 million from GBP130.9
million
--Adjusted free cash flow rose 54% to GBP135 million
--Cable customer net additions of 8,600
--Cable average revenue per user, or ARPU, rose 5.2% to
GBP49.38.
--TiVo customers increased to 171,900 to 1.5 million, equating
to 40% of the TV base.
--The business division secured new contracts with British Sky
Broadcasting Group PLC (BSY.LN), Telefonica SA (TEF) and another
unidentified U.K. mobile network operator. No financial terms were
disclosed.
--Virgin Media shares closed at 3222 pence on Tuesday in London,
valuing the company at GBP8.66 billion.
Write to Lilly Vitorovich at lilly.vitorovich@dowjones.com;
Twitter: @LillyVitorovich
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