Virgin Media Q1 Results: 2010

Ben B · 19-04-2010, 22:07

Quote:

Virgin Media (NASDAQ:VMED) (LSE:VMED), will be announcing its First Quarter 2010 results on Wednesday, April 28, 2010 at 7am UK time, 2am ET. The company will host a conference call for analysts and investors to discuss these results on April 28, at 1pm UK time, 8am ET.

http://pressoffice.virginmedia.com/p...3290&highlight

Hopefully there will be some exciting new announcements on Wednesday, possibly more HD. We shall have to wait and see

EBD3000 · 20-04-2010, 11:44

Unless the date is wrong thats a week tomorrow.

Ben B · 27-04-2010, 17:29

Sorry! I meant next Wednesday at the time of posting.

Anyway the results will be published tomorrow so hopefully we will hear of any new HD channels or possibly more info about TiVO. One can only hope...

Ben B · 28-04-2010, 08:38

The results are in:

http://pressoffice.virginmedia.com/p...8909&highlight

Digital Fanatic · 28-04-2010, 09:43

Quote:

Originally Posted by Ben B

The results are in:

http://pressoffice.virginmedia.com/p...8909&highlight

Another good quarter

broadbandking · 28-04-2010, 10:14

Looks like another good quarter from VM well done.

Horizon · 28-04-2010, 11:03

50K analogue customers will not get digital and get switched off, that's quite a lot!

Ignitionnet · 28-04-2010, 12:10

Quote:

Originally Posted by Horizon

50K analogue customers will not get digital and get switched off, that's quite a lot!

I wonder which areas those are. Guess they were just too expensive to upgrade.

EDIT: Ah I see. They are legacy MATV customers receiving basic TV channels via cable not VM's own analogue customers. Nothing wrong with switching them off, no indication they aren't going to be digital capable just that VM don't expect to ever be able to convert their present unpaid service to a paid digital one.

The rest of the results are as expected. Increased customer growth due to expansion of network and digital overbuild.

Still 84% of customers take 10Mbit, and of note is that they actually announce they are trialling 20Mbit upstream with the 200Mbit downstream - bonded upstream and a further indication of evolution to a 10:1 ratio of downstream to upstream.

Ignitionnet · 28-04-2010, 16:24

One small thing to note in the results:

Quote:

Despite the strong customer performance, the firm still registered wider pre-tax losses of Â£160m, up from Â£154m a year ago.

danielf · 28-04-2010, 16:41

Quote:

Originally Posted by Ignitionnet

One small thing to note in the results:

http://business.timesonline.co.uk/to...cle7110159.ece

Quote:

After pushing back the dates at which is must repay some of its Â£6.1 billion debt, the company is still spending more than it earns on interest payments. As a result of this, and greater losses on currency hedging, pre-tax losses in the first quarter widened to Â£160 million from Â£154 million a year ago.

Digital Fanatic · 29-04-2010, 01:49

Quote:

Originally Posted by danielf

http://business.timesonline.co.uk/to...cle7110159.ece

The reason they are doing this, is to grow the business by defering some of the debt repayment and investing in the network and expansion, instead of paying off more debt.

Ignitionnet · 29-04-2010, 11:48

Quote:

Originally Posted by Digital Fanatic

The reason they are doing this, is to grow the business by defering some of the debt repayment and investing in the network and expansion, instead of paying off more debt.

No-one can for a second doubt the financial acumen of the money-men behind VM. They are very competent indeed.

tvtimes · 29-04-2010, 16:51

Looks like expanding in the network is paying off with those new network additions, nowhere near as good as Skys growth though.

Digital Fanatic · 29-04-2010, 17:16

Quote:

Originally Posted by tvtimes

Looks like expanding in the network is paying off with those new network additions, nowhere near as good as Skys growth though.

VM have half the coverage that Sky do, but out performed Sky in their coverage areas.

VM added over 46,000 new Digital TV customers and Sky added over 62,000.

Chrysalis · 29-04-2010, 17:30

Quote:

Originally Posted by Digital Fanatic

The reason they are doing this, is to grow the business by defering some of the debt repayment and investing in the network and expansion, instead of paying off more debt.

I dont see evidence of investment round here tho. Ok to be fair there was investment as the area was previously analogue, but the investment seems it was the minimal required just to get a service barely working.