UK broadband buoys improved Q1 for Liberty Global
Details
Editor
| 10 May 2023
After a fiscal 2022 that ended with overall revenues decreases, profits falling and dipping subscriptions, media giant Liberty Global has kicked off 2023 with a quarter showing a signs of a rebound on all fiscal fronts, driven by UK subsidiary joint venture Virgin Media O2 (VMO2).
Liberty GLobal 10May2023
For the quarter ended 31 March 2023, the company posted revenues of $1.868 billion, a year-on-year increase of 0.8% on a reported basis and 1.0% on a rebased basis. VMO2 contributed revenues of $3.163 billion, with other notable income from VodafoneZiggo in the Netherlands with $1.083 billion.

Q1 losses from continuing operations decreased 166.3% on a reported basis compared with the same time in 2022 to $713.5 million while compared with Q1 2022 adjusted EBITDA decreased 8.7% on a reported basis and 6.0% on a rebased basis to $624.5 million.

In terms of subscriptions, the company saw 16,500 net losses during the quarter led by Belgium which shed 13,300 in the quarter.

Standout VMO2 saw its fixed customer base grow by 20,900 net adds in Q1, supported by a reduced level of customer churn. Demand for broadband continued, with Q1 broadband net adds of 28,800, while the average download speed across its broadband base increased 36% year-on-year to 315 Mbps, approximately 5x higher than the UK national average. During Q1, VMO2 built 108,000 FTTH premises, the majority of which were built for the nexfibre JV. In mobile, VMO2 reached 50% 5G coverage in more than 2,100 towns and cities and remains on track to deliver 5G services to more than 50% of the entire UK by the end of 2023.

Commenting on the Liberty Global Q1 2023 results, CEO Mike Fries said: “Our Q1 performance demonstrates that the need for reliable high-quality connectivity remains strong across our footprint. This commercial momentum supports our commitment to investing in our market-leading fixed and mobile networks and driving product innovation to ensure an exceptional customer experience. While Q1 saw an anticipated step up in the impact of energy and labour costs on our core FMC businesses, we are taking reasonable price adjustments to sustain robust operating margins alongside digital initiatives and continued synergies.”