Price rises failed to hold back growth at Com Hem as the Swedish cablenet doubled its earnings.
The number of customers grew by 9,000 to a total of 920,000. Customer churn – the percentage of customers leaving the service – was lower than expected at 13.9%, though still up by one percentage point following the price increase.
The bulk of price increases took place on March 1, with the remainder on April 1. The company says it expects to see the full effect of the increase to be noticeable in the second quarter.
“The increased customer satisfaction we saw during 2015, after product improvements, such as the introduction of Com Hem Play and extensive investments in the quality of our broadband services, paired with improvements in our service levels, have made it possible to implement price adjustments,” said CEO Anders Nilsson.
Revenues increased by 3.9% to SEK 1,276 million, (€139 million) delivering earnings of SEK 95 million, SEK 0.49 per share.
Digital-TV RGUs remained flat at 635,000, with a continued growth in the number of TiVo customers which increased to 228,000.
Broadband gained another 11,000 customers with more than 90% of new subscribers choosing speeds of 100 Mbps and above. This brought average speeds in the base up to 125 Mbps, compared to Mbps a year ago.