Liberty lowers target on Virgin Media UK ‘bump’

Liberty Global lowered its growth target for Europe this year as billionaire John Malone’s cable carrier reported a weaker-than-expected start in the UK.

Liberty — which owns Virgin Media and TV3 here — now forecasts operating cash flow growth of 5% for 2017, down from February’s outlook of 6% to 7%.

The operator lost more customers than expected in the UK in the first quarter, following two price increases last year and challenges with the launch of a new video product. Mobile revenue also declined.