Liberty Global’s Telenet Group grew its revenues by 15% in the first half of 2007.
The Brussels-based cable operator recorded EUR457 million in revenues in the first half, a 15% increase from EUR396 million in the same period a year ago.
The company grew its EBITDA (earnings before interest, taxes, depreciation and amortization) 19% to EUR218 million from EUR182.5 million, and its EBITDA margin to 48% from 46%. Operating income was 40% higher at EUR103.5 million versus EUR74 million a year ago.
The company’s reported net income was EUR117.7 million in the first half, including recognition of a one-time deferred tax asset, compared to a EUR1.1 million loss in the second half of 2006, which included one-time debt refinancing costs. Excluding the one-time charges, net income was EUR24.7 million versus EUR20.2 million last year.
The company’s free cash flow in the first half was EUR88.5 million, more than double what it was at the mid-point of 2006 at EUR44.1 million.
The company saw 8% growth in its basic cable subscriber base and stronger showings in its other revenue generating units (RGUs). Premium television customers increased 64% from the first half of 2006, followed by telephone at 25% and internet at 23%. Triple-play customers were up 36% from last year with average RGUs per unique customer increasing to 1.54 from 1.46. The average revenue per unit (ARPU) was up 13% to EUR29.4 per month.
