Virgin Media reports glowing third quarter results

Virgin Media has announced glowing third quarter financial results, beating analyst predictions by some measure.

With many companies feeling the effect of the recession, Virgin Media bosses will be smiling today after the company reported a 1.3 per cent boost in revenues in the third quarter of this year. Its customer base is up by 17,800 new customers, and the average revenue per user increased by 5.3 per cent, meaning that not only is the company attracting new custom, it is also keeping its existing customers spending.

In fact, Virgin reports that almost 60 per cent of its customers are 'triple play', meaning that they take three services, broadband, home phone and TV, from Virgin. Another ten per cent fall into the holy grail category of 'quad play', having an additional mobile contract with the company.

Virgin's recent network upgrade has clearly been popular. With entry speeds of 10Mb and top speeds of up to 50Mbps available, it is perhaps not surprising that the company has swelled its broadband customer base by 39,000 to 3.77m. And the company's mobile division also performed well this quarter, adding 88,000 new customers - although revenues for this sector were down on last year.

Commenting on the results, Neil Berkett, Virgin Media chief executive said: "I am pleased to report that this quarter's results delivered a strong performance. I believe this demonstrates the success we have had in significantly differentiating and monetising our compelling consumer proposition."