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VIRGIN MEDIA INC. (VMED)

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Virgin Media's New Year Off to Good Start

04/24/2013 | 02:34am US/Eastern
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By Lilly Vitorovich

LONDON--Virgin Media Inc. (>> Virgin Media Inc.) said Wednesday that it's made a good start to 2013 as the U.K.'s second biggest pay-television operator booked a rise in first-quarter profit and revenue, underpinned by 8,600 new cable customers and existing customers spending more on products and services.

Chief Executive Neil Berkett said the positive momentum positions the company well for its planned merger with Liberty Global Inc. (>> Liberty Global Inc.), Europe's biggest cable operator.

MAIN FACTS:

--First-quarter revenue rose 3.6% to GBP1.04 billion from GBP1.01 billion.

--Adjusted operating cash flow rose 5.8% to GBP399 million.

--Operating income rose to GBP149.8 million from GBP130.9 million

--Adjusted free cash flow rose 54% to GBP135 million

--Cable customer net additions of 8,600

--Cable average revenue per user, or ARPU, rose 5.2% to GBP49.38.

--TiVo customers increased to 171,900 to 1.5 million, equating to 40% of the TV base.

--The business division secured new contracts with British Sky Broadcasting Group PLC (>> British Sky Broadcasting Group plc), Telefonica SA (>> Telefonica SA) and another unidentified U.K. mobile network operator. No financial terms were disclosed.

--Virgin Media shares closed at 3222 pence on Tuesday in London, valuing the company at GBP8.66 billion.

Write to Lilly Vitorovich at lilly.vitorovich@dowjones.com; Twitter: @LillyVitorovich

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