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Virgin Media lifted by broadband success

Virgin Media has posted losses but its investment into fibre optic broadband is keeping it afloat.

Virgin Media Logo

Virgin Media has shown only slight losses in its second quarter results as customers continue to spend on home broadband.

Total revenue fell slightly compared to last year from 940 million to 936 million.

The company's investment into fibre optic broadband seems to have paid off with revenues from the service rising by over 20 million to 617 million for the quarter an increase of 3.6 per cent compared to last year.

Neil Berkett, chief executive officer of Virgin Media, said: "We have now reached a landmark milestone with the completion of our next generation network, which successfully demonstrates our drive to redefine the high-speed broadband market in the UK."

The results do show that it is less people paying more, as the company lost 26,200 of its fibre broadband users in the quarter.

Losses were suffered in the mobile section of the business too. Revenues fell from 143.9 million to 127.5 million, but there was growth in the number of subscribers to the service, to 784,600 by the end of the quarter.

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