Neil Berkett Virgin Media’s chief executive put on a confident performance at the release of the company’s latest results. He announced that the company would be eyeing strategic investments to increase the network capability and subscriber base of the…
Neil Berkett Virgin Media’s chief executive put on a confident performance at the release of the company’s latest results. He announced that the company would be eyeing strategic investments to increase the network capability and subscriber base of the company. He said: “Confidence in our long-term ability to deliver strong free cash flow, along with the recent completion of our refinancing, enables us to announce today an initial capital return programme that complements our existing debt reduction schedule, without compromising our ability to make further strategic investments in the business.”
Virgin Media has confounded analysts’ expectations and increased its subscriber base by 9,100 and revenue by 7% in the last three months.
Berkett was also delighted to announce that the company had refinanced its debt. Virgin Media’s operating cashflow was reported as broadly equivalent to Ebitda – up 13% – to £370m. Analysts expected growth around the 11% mark. As a result Berkett said the company could return £700m (US$1.1bn) to shareholders and creditors.
