Business
Liberty Global Reports Q1 2023 Results
Continued commercial momentum in Q1 across our FMC Champions, including a strong broadband performance in the U.K. Announced intentions to buyout remaining
About this update from Liberty Global Ltd.
[{"type":"text","content":"\nContinued commercial momentum in Q1 across our FMC Champions, including a strong broadband performance in the U.K.\n\n\nAnnounced intentions to buyout remaining Telenet stake and redomicile to Bermuda\n\n\nRepurchased $330 million of stock through May 5th\n\n\nOn track for all full-year OpCo and Group guidance in 20231\n\n\n DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Global plc today announced its Q1 2023 financial results.\n\n\nCEO Mike Fries stated, “Our Q1 performance demonstrates that the need for reliable high-quality connectivity remains strong across our footprint. This commercial momentum supports our commitment to investing in our market-leading fixed and mobile networks and driving product innovation to ensure an exceptional customer experience. While Q1 saw an anticipated step up in the impact of energy and labor costs on our core FMC businesses, we are taking reasonable price adjustments to sustain robust operating margins alongside digital initiatives and continued synergies. As a result, we are in a strong position to deliver for our shareholders in 2023, supported by our ample liquidity2 and our 10% minimum buyback commitment.\n\n\nIn Q1 we continued to grow our aggregate3 broadband and postpaid mobile base delivering 90,000 net new subscribers, supported by broadband additions in the U.K., Switzerland and Belgium as well as continuing positive postpaid mobile trends. On the financial front, we reported stable revenue growth with a diverse revenue mix at each operating company. Our Adjusted EBITDA trends were affected by the anticipated phasing that we flagged for investors in February related to the timing of price increases and cost inflation impacts. We recently announced a price rise at Sunrise in Switzerland and now have price increases planned in all our markets that will support Adjusted EBITDA through the rest of the year.\n\n\nThe first quarter was active on the strategic front. We announced our intention to buyout the remaining publicly traded stake in Telenet at a bid price of €22 per share, with unanimous support of Telenet’s management and its board of directors. This transaction offers an attractive premium for Telenet shareholders to monetize their investment. Additionally, we are proposing a change in the jurisdiction of our parent company from England & Wales to Bermuda. This would enable us t...