
Credit: Mikael Buck / Virgin Media O2
12 months after it became Virgin Media O2, the converged telecoms-cable company has recorded new growth.
Revenues of £2.5 billion delivered a net profit of £78 million.
The fixed-customer base stands at 5.8 million with additions of 8,000 in the quarter, broadband added 16,000 new connections, while mobile put on 13,000 new contracts. The total number of retail mobile connections (contract, prepaid and IOT) now stands at 33 million, while the total mobile contract base is now at 16 million.
“It’s one year on since Virgin Media O2 was born and, while we’ve got much more to do, we came out of the gate running and achieved a huge amount in our first year as a joint business. Our mission has been to upgrade the UK and be the biggest challenger in the market, and we’ve continued to do just that,” said Lutz Schüler, CEO, Virgin Media O2.
Project Lightning network expansion build increased to 114,000 in Q2, up from 101,000 premises added in Q1 2022 and 89,000 premises added in Q2 2021. The cumulative Lightning footprint is now 2.9 million and the company is on-track to add over 500,000 new premises this year.
The FTTP upgrade of the existing network is starting to ramp up following completion of trials in Q1. The goal is to roll out full fibre across the fixed network at a cost of £100 per home with completion in 2028.
The average broadband speed contracted by customers is 247mbps, a quarter of the 1.1 Gbps available across the entire footprint of 15.9 million premises.