Report Overview


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Virgin Media Q1 2009 results: awaiting impact of price changes


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VMed’s Q1 results were again mixed, with declining group revenue and OCF margin but improving performance at Virgin Mobile and continuing strength in TV.
The core cable business is facing a return to negative customer growth due to a combination of seasonality and stalling demand for broadband.
But de facto price increases in broadband, TV and mobile should boost financial performance from the autumn; we expect this to be combined with reduced opex to generate significant cash flow growth from 2010.