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Virgin reports "strong demand" for broadband, TiVo

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Stephen Fry and Sir Richard Branson on the set of Virgin Media's new TiVo ad
Virgin Media said strong demand for its broadband and TiVo products helped it grow its customer base and revenues last year.

The company, which was acquired today by multinational media company Liberty Global, said in its 2012 earnings report that it added 88,700 customers net in the year taking it to a total subscriber base of 4.89m. Revenues increased by 3% to £2.8bn, with 1.8% of that growth coming from new customers and the remainder from an increase in average revenue per customer.

Virgin Media's subscriber base is increasingly opting for higher tier services. 35% of the company's TV subscribers now take TiVo, and 51% of broadband customers take speeds of 30Mbps and above.

774,600 customers take all four Virgin services: TV, broadband, landline phone and mobile.

Virgin Media CEO Neil Berkett said: "2012 was a year of record cable customer growth, where mainstream demand for superfast broadband and TiVo has led to lower churn and a strong increase in new subscribers. Combined with growth in our business division, we have delivered solid financial progress."

The company's revenue for the full year grew to £4.1bn, up 2.7% from 2011. Operating income reached £699m, up from 2011's £540m.

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