Q2 2024 financial results

"Despite a tough trading environment, we remained focused on delivering more for our customers, continuing to invest significantly in our networks and services, to the level of more than £1 billion so far this year and successfully executing price changes. We have maintained consumer fixed and mobile revenue excluding handset, with overall revenue impacted predominantly by mobile hardware headwinds, and profitability is on track and in line with our full year guidance.

Our fibre deployment has gathered significant pace, with the Virgin Media O2 fibre footprint now hitting 5 million premises as we push forward towards creating the UK’s largest national fibre challenger. Our 5G mobile connectivity now covers almost two-thirds of the UK population and the team pulled out all the stops to hit our Shared Rural Network target, improving mobile coverage in rural areas of the country.

Looking ahead, our new network sharing agreement with Vodafone UK builds on the success of our existing relationship and also keeps Virgin Media O2 in a strong position should the Vodafone-Three merger be approved – an outcome we support and believe would be a positive step for investment in the UK’s digital infrastructure.

Looking to the second half of the year, our strategy to invest in key drivers of future growth is the right one, and we’re focused on delivering while transforming and simplifying our business for long-term success."

Lutz Schüler - Chief Executive Officer