Virgin Media O2 has increased its number of serviceable homes by 107,800 to 16.3 million.
The expansion is part of the nextfibre joint venture between owners Liberty Global and Telefónica, alongside investment firm, InfraVia Capital Partners, that will ultimately extend the Virgin Media O2 footprint to 80% of the UK.
More than £500 million was invested in Q1 with £2 billion expected to be invested over 2023.
Announcing its First quarter results the company recorded an increase in Transaction Adjusted EBITDA of 2.0% year-on-year to £950.4 million.
“In the first quarter we delivered a solid performance as we laid the groundwork for further progress through the remainder of the year,” said Lutz Schüler, CEO of Virgin Media O2. “As the largest gigabit network in the country our speed leadership continues, with customers taking broadband that is five times faster than the UK average. We continue to invest in the upgrade and expansion of our footprint, and we are on-target to cover 80% of the country with full fibre. When coupled with bringing 5G services to more areas and reaching half of the UK this year, we are playing a big role in future-proofing the UK’s digital infrastructure.”
In the short term the company added 28,800 broadband connections in Q1 with the average Virgin Media broadband speed standing at 315Mbps.
The Subscription business, the core subscription revenues from cable services (broadband, TV, home phone), decreased by 3.4% to 807,800, although there is no price increase included in the numbers.
The total fixed-customer base stands at 5.8 million with additions of 20,900 in Q1.
