PAY TV, broadband and phones group Virgin Media matched analysts’ forecasts today by increasing sales by 2% to £986m in the half year to June 30.
The group, which employs about 1,000 staff across Merseyside at locations in Knowsley and Liverpool’s Albert Dock, also announced a new, larger-than-expected £850m share buyback and debt repayment programme and said it was on track to meet its debt target over the next one to two years.
Virgin Media shares fell 3% in early London trading where they are thinly traded, with their main listing being in New York.
Goldman Sachs analyst Tim Boddy said: “We believe this weakness will prove temporary.”
Virgin Media chief executive Neil Berkett said he was satisfied with the results in a seasonally weak quarter when the economy grew just 0.2%.
“We are acquiring and growing data-savvy, data-hungry customers,” he said.
The group’s second-quarter operating cashflow rose 6% to £392m, beating expectations, and free cashflow rose 13% to £123m.
