Virgin Media posts record sales for second quarter 2010


Virgin Media posts record sales for second quarter 2010

Jenny Williams

Virgin Media has reported record growth for the second quarter, with sales increasing 7.1% between April and June this year.

Sales at the cable telecoms firm increased to £964m, compared to £900m in the second quarter of 2009. This was the company's strongest revenue growth since Virgin Media was formed from a merger with NTL and Telewest. Virgin also announced a share buyback of up to £375m, as part of a £700m programme to provide returns to investors.

Virgin Media's CEO, Neil Berkett, said: "The growth improvement was driven by an 18.2% increase in gross cable additions. We believe this was the result of increased product differentiation, higher marketing spend and investment in growth channels such as retail."

Customer numbers were up with 9,100 new customers, compared to a loss of 27,800 customers a year ago.

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