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Virgin Media O2 2023 figures show mobile base now at 24 million customers

Staff Reporter
February 16, 2024

Virgin Media O2 now has 24 million mobile subscribers on both contract and pre-paid deals.

The mobile base last year increased by 46,600 contract customers and 211,200 IoT and wholesale connections. The converged fixed-mobile Volt bundles also saw growth, with 1.9 million customers opting for these services.

The company invested over £2 billion in 2023 expanding its fibre and 5G networks. Around 833,100 premises connected to the fibre network, with more than four million premises now passed with fibre from Virgin Media O2 or nexfibre. Its 5G network covers more than half of the UK population.

Virgin Media O2 reported stable revenue of £10.9 billion, up 5.2 per cent year-on-year. The company’s EBITDA also saw growth, reaching £4.1 billion, a 5.0 per cent increase from the previous year. Adjusted free cash flow rose to £722 million, marking an 8.4% increase.

Virgin Media O2 says it plans to focus on key investments in sales, marketing, and digital/IT efficiencies to support mid-term growth drivers. The company anticipates stable to declining revenue but plans to maintain investment levels between £2.0 billion to £2.2 billion.

Lutz Schüler, CEO of Virgin Media O2 said:  “We ended the year with stable revenues in line with our revised guidance at Q3, and achieved the low end of our EBITDA growth guidance through accelerated synergy execution which offset the impacts of consumer spend optimisation. We also continued trading momentum with mobile and fixed customer growth, supported by sustained customer-first initiatives like inclusive EU roaming and our O2 Priority loyalty scheme. 

Lutz Schüler,”2024 outlook will be impacted by incremental investment in key initiatives”

The 2024 outlook will be impacted by incremental investment in key initiatives to drive future growth, including increased marketing across our rapidly expanding fixed footprint, new commercial initiatives and wider digital and IT efficiency programmes. We remain focused on delivering against our core strategy and these key investments will help us to lay down strong foundations for future success.”

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