Virgin posts record figures for Q4 2009

Virgin Media signed up more than 28,000 new subscribers to its cable TV service in Q4 2009, which is its biggest number of net additions since the group was formed four years ago.

The company’s results for the three months to the end of last year show a three-fold increase on Q3 2009, taking its total number of subscribers to 4.77 million, according to reports.

The number of Virgin customers taking three of the firm’s pay-TV, broadband and fixed-line or mobile services was up to a record 60.5%, while the number of customers signing up for all four services rose to 10.7%.

As a result, average revenue per user increased to record numbers as well, which puts Virgin well ahead of market expectations for the three-month period.  Shares in the company rose 75p to £10.63.

The group reported that total Q4 revenues were up 3.3% to £979.5 million, with operating cash flow up 15.3% to £366 million.

Neil Berkett, Virgin’s chief executive said the company’s growth is due to customers understanding different services such as HDTV and VOD better.

Berkett also confirmed that Virgin is set to add more HD channels including Eurosport HD and Discovery HD, as well as the ITV HD service in time for the World Cup in June.

In addition, the company plans to roll-out its 100Mb broadband service by the end of the year, which will put it ahead of its rivals BSkyB and BT.