U.S.-based cable group hit by weaker British pound.
Liberty Global late on Wednesday reported a 1.7% year-on-year decline in fourth quarter revenue at its European business, as the weaker British pound took its toll.
The U.S.-based cable group generated revenue of $4.22 billion (€3.97 billion) in the three months to 31 December 2016, compared to $4.29 billion a year earlier. Operating income surged 22% to $683 million.
Liberty Global added 323,700 revenue-generating units (RGUs) in Europe in Q4, leaving it with 44.78 million in total. Individual customer relationships stood at 4.84 million.
At Liberty Global’s Latin American and Caribbean unit, called LiLAC, fourth quarter revenue surged to $922.9 million from $309.3 million a year earlier, due to the contribution of Cable & Wireless Communications (CWC), which was acquired by Liberty in May 2016. The addition of CWC also drove operating income up to $141 million, from $63 million.
RGUs at the LiLAC operation fell by 200, as additions of 14,500 at the broadband business were offset by declines of 6,200 and 8,500 at its video and voice operations respectively.
The LiLAC operation ended 2016 with 5.38 million RGUs and 2.89 million customer relationships.