Did the World Cup bring any sunshine to Virgin Media? The company today announced profits of ?80m on increased turnover of ?964m in its most recent quarter. But long-suffering shareholders take precedence over customers - Virgin will spend ?375m buying back shares. Buy-backs usually have the goal of raising the share price.
Virgin also gave itself the target that debt should be reduced to three times its annual operating cashflow "within two to three years". NTL, having absorbed its only cable rival, acquired Virgin Mobile four years ago.
Average revenue per cable user rose to ?45.88, the highest ARPU figure yet. Virgin also claimed 9,100 new cable customers, compared to 27,800 in the same period a year ago - although the World Cup must have helped - with gross additions of 188,000, up 18 per cent.
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Virgin also gave itself the target that debt should be reduced to three times its annual operating cashflow "within two to three years". NTL, having absorbed its only cable rival, acquired Virgin Mobile four years ago.
Average revenue per cable user rose to ?45.88, the highest ARPU figure yet. Virgin also claimed 9,100 new cable customers, compared to 27,800 in the same period a year ago - although the World Cup must have helped - with gross additions of 188,000, up 18 per cent.
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