British cable operator Virgin Media has reported revenues of £982.3m for the first quarter of 2011, an increase of 5.7% compared to £929.4m for the same period last year.
Revenues from consumer segment and business segment increased to £823.2m and £159.1m, respectively compared to £789.5m and £139.9m for the same period last year.
The company posted an operating income of £110.6m, compared to £69.6m for the same period last year.
Net cash provided by operating activities was £271.6m for the first quarter of 2011, compared to £202.2m for the same period last year.
The company saw 39% of new subscribers in the quarter ordering speeds of 20Mb or higher, compared to 15% a year ago.
Over 860,000 customers now subscribe to tiers of 20Mb or above, which together represent 21% of their cable broadband base.
The company now has over 150,000 customers on its 50Mb tier, more than twice as many as a year ago and a 33% increase since the year-end.
Mobile revenue in the quarter was £136.9m, up 3.8%, reflecting ARPU growth driven by the increased number of contract customers.
Contract net additions for the quarter were 52,600 and at the quarter-end the company had 1,263,400 contract subscribers representing 42% of total mobile products and growth of 23% in contract subscribers in the last year.
Virgin Media Business managing director Mark Heraghty said it’s been a busy quarter for Virgin Media Business, from announcing their work with London Grid for Learning through to bringing carrier grade connectivity to the data centre market and being awarded the UK’s first Public Sector Network accreditation.
"A lot of growth in Q1 was driven by the public sector, which demonstrates our strength in this market, but there are still a lot of organisations out there that need what we have – the UK’s only nationwide fibre-optic network," Heraghty said.
"There continues to be a massive opportunity for us and over the coming months, we’ll be looking at how we take the power of the network into other sectors."
