UK price hikes support Virgin Media revenues despite slump in new subscriptions

UK price rises at Virgin Media helped lift revenues in the fourth quarter, although the telecoms giant suffered a 73% drop in new subscriptions as it pared back a raft of customer promotions.

The group said a 1% price hike for UK customers in November helped raise average revenue per user in its cable division in the three months to December 31, which contributed to a 4.4% rise in total revenue to £1.29bn (€1.44bn).