The chief executive of Virgin Media, Neil Berkett, has said the company will buy back £375m of its shares this year, reports The Daily Telegraph.
Richard Branson owns 6.5% of the cable TV and broadband group and the fact that they are to buy back shares shows how confident the company is, particularly as it has signed up a record number of customers in the three months to the end of June.
Mr Berkett said Virgin Media had developed a “rhythm and sense of momentum”. As a result, the company attracted 9,100 more new customers in the second quarter. This is quite a turn a round after losing 27,800 subscribers last year.
Not only has the firm managed to increase its customer base but the firm has also persuaded these customers to increase the average amount they spend on Virgin Media products by 5%. This includes TV, home phone, broadband and mobile and customers are now spending an average of £45.88 a month.
Just over a quarter of a million customers upgraded to Virgin’s HD TV service. Compared with a year ago Virgin Media now has 26 HD channels including Sky Sports 1 and 2.
This business telecom story was brought to you by Utility Exchange. Saving Time, Money and Energy for your Business.
Source: The Daily Telegraph








