Liberty Global reported second-quarter revenues from continuing operations up 2.7 percent on an organic basis to USD 3.045 billion, as a strong performance at Virgin Media in the UK offset weaker results in Belgium and Switzerland. The figure excludes its German operation Unitymedia and activities in East Europe being sold to Vodafone. Including those operations, revenues rose 3.1 percent, slightly less than Q1.
Operating cash flow rose 3.3 percent on an organic basis to USD 1.310 billion, or an increase of 3.7 percent for the full company. Operating profit was up 31 percent to USD 264 million, helped by positive currency effects.
The continuing operations added a net 42,900 revenue-generating units in Q2. Growth of 22,000 broadband and 32,400 telephony customers helped offset the loss of 11,500 TV customers. The growth came entirely from Virgin Media, with net additions of 112,200, and RGU losses in the other countries. In the mobile market, Liberty Global added 54,200 new subscribers, including 90,600 postpaid, with the growth spread more evenly across the operations.
For the full year, Liberty Global expects organic operating cash flow growth to strengthen to 4 percent for the continuing operations and to reach 5 percent for the full company. The sale to Vodafone is still expected to close by mid-2019.
Capital expenditure is expected to reach USD 4.0 billion in the full year, or USD 5.1 billion for the full company. Spending in the first half of 2018 rose to USD 1.85 billion for the continuing operations and USD 2.36 billion for the full company.
