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Virgin posts increase in profits and sales amid 900 jobs chop

Biz announces merger in Netherlands with Vodafone

Telco Virgin Media posted revenue growth of four per cent to £4.6bn for its full-year results in 2015. That was on a healthy increase of operating income up £104m from £274m in 2014.

Tom Mockridge, Virgin Media CEO, said the company has "improved cost control" since becoming part of Liberty Global in 2013.

The biz clearly has a keen eye on its bottom line. Last month the business said it would cut 900 jobs as part of a major reorganisation.

It comes as Virgin's owner Liberty Global announced a merger with Vodafone in the Netherlands, raising questions as to whether a merger in the UK could be back on the cards.

Such a move would help the business compete against the newly created BT/EE for "quad play" offers and integrated fixed line and mobile broadband.

The biz said it signed up 77,000 extra customers during the year.

However, it shed 29,000 mobile subscribers during 2015 blaming a "continued decline" in pre-paid customers.

Mockridge claimed "more people than ever" are choosing to switch to its services.

The biz has ambitious roll-out plans during the next three years, and hopes to extend its network from four million to 17 million premises in the UK by the end of 2019. During 2015, it connected 250,000 new premises. ®


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