Liberty Global-backed Belgian service provider Telenet has posted mixed Q1 results, with growth in its fixed-mobile convergence base and stable revenues offset by declines in its TV subscriber base and triple-play offering.
Telenet saw its TV base decline by 3% in the year to March to 1.799 million, fuelled b a 25% drop in basic video subs, who now number only 110,500. The company’s enhanced video base also fell by 1% to 1.688 million, while triple-play customers – a proposition that has historically been central to the company’s strategy – declined by 3%.
Fixed-mobile convergence customers, on the other hand, rose by 18,700 net new customers. Fixed ARPU also rose on the back of a higher share of higher-tier broadband and multi-play customers and price increases.
Telenet has recently given more focus to FMC, replacing its WIGO an YUGO bundles with new offerings giving more flexibility in combining fixed and mobile data.
The company posted Q1 revenues of €646 million, down 1%, an improvement on the prior year period, when it was hit by the first phase of the COVID-19 pandemic. Cable subscription revenue grew by 2% on the back of a strong broadband performance.
EBITDA was down by 3% to €334 million for the quarter, driven by the cost of content for premium entertainment packages and Belgian football broadcasting rights.
CEO John Porter noted that “COVID-19 continued to have a negative impact on both interconnect and usage-related revenue due to changing digital customer behaviour” but pointed to strong broadband and FMC grpwth.
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