Virgin Media posts big swing into red

The company behind Virgin Media Ireland, the telecommunications and TV group owned by Liberty Global, has recorded a €183m swing into the red in its latest financial results.

VMIE Group Holdings recorded a net loss of €8.8m last year, down from a profit of €174.8m in 2022, according to its 2023 results.

The notable change in VMIE’s financial results can be attributed to a €25m loss on its cross-currency and interest-rate derivative contracts, a significant decrease from a €134.1m gain the previous year. These derivative instruments are primarily used by VMIE to protect against increases in the interest rate on its variable-rate debt and foreign currency movements.

Total liabilities at VMIE were valued at over €1.13bn. This was mostly made up of €895.3m worth of long-term debt.

VMIE’s revenues for the year 2023 were €468.1m, slightly lower than the previous year’s €470m. The majority of this was generated from residential subscriptions, with broadband contributing €183.5m, video at €73.6m, and fixed-line telephone at €40m.

Mobile revenue also grew to €41.3m, up €1.1m on the year.

VMIE’s adjusted earnings before interest, taxes, depreciation, and amortisation (ebitda) fell by €20m in 2023 to €167.7m.

The company also included the value of future programming commitments as of the end of 2023. For 2024, this value amounted to €44.5m, falling to €8.9m for 2026.

For 2023, total programming and copyright costs were €44.7m.

Virgin Media declined to comment on the company’s results.