The media company that operates Virgin Media One’s pre-tax loss more than halved last year to €7 million.
His subsequent earnings at Virgin Media Television Ltd increased by 21 per cent or €10.73 million from €50.13 million to €60.86 million.
Directors state that revenue increased primarily due to an increase in advertising revenue.
The TV station’s deal to broadcast Six Nations rugby championship matches last year helped boost advertising revenue.
Last year the channel aired some of the most-watched TV shows, with the Ireland v France Six Nations game being Virgin Media’s most-watched program of 2021 with 798,400 and the sixth most-watched TV show overall.
The Ireland v England Six Nations clash and the Wales v Ireland match were the channel’s second and third most watched programs in 2021. Last year’s pre-tax loss of €7m was 56 per cent lower than the pre-tax loss of €16.1m euros in 2020. The 2021 pre-tax loss includes non-cash depreciation and amortization costs of €6.32 million.
The number of employees at the station, which belongs to Liberty Global, rose from 261 to 271 last year, of which 209 were in production, 53 in sales and marketing and nine in administration.
The company’s personnel costs last year amounted to €18.14 million – this included €873,000 in restructuring costs, followed by €1.9 million under the same heading in 2020.
The company’s balance sheet improved last year when the company issued two ordinary shares to Virgin Media Ireland Limited in exchange for €71.3 million. The company’s accumulated losses amounted to EUR 52.66 million at the end of December.
However, after deducting the premium of EUR 71.7 million and the capital contribution reserve of EUR 4.28 million, the company had equity of EUR 23.4 million. This was followed by the company having a shareholder deficit of €41.2m at the end of December 2020. The company’s cash position fell sharply from €12.7 million to €476,000.
Accounts for a separate Irish company from Liberty Global, VMIE Group Holdings, show it posted a non-cash loss of €395 million last year. This follows Liberty Global completing an impairment test on the book value of the Company’s investments in June 2021, which included a provision of €395 million, as part of a broader group restructuring.
https://www.independent.ie/business/irish/rugby-helps-virgin-media-one-to-halve-its-losses-to-7m-42117746.html Rugby helps Virgin Media One halve its losses to €7m