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Virgin Media O2, the subsidiary of Telefónica and Liberty in the United Kingdom

Date: May 30, 2024 Time: 21:25:28

The British subsidiary constituted by 50% between Telefónica and Liberty Global, Virgin Media O2, intends to reduce its workforce by 2,000 by the end of this year. The goal is around 10% of its workforce, with the aim of simplifying its operating model and lowering costs. u workforce, in order to simplify its operating model and reduce costs. The proposed workforce adjustment, the first since the creation of the company in 2021, includes around 800 jobs affected by the changes at the organizational level that the operator had previously announced internally and recalls Europa Press.

In this way, Virgin Media O2 joins the wave of job cuts in May by the large British operators, after it eliminated 11,000 jobs in Europe over three years. “As we continue to integrate and transform as a business today, we are consulting to simplify the model to deliver better customer service, which will see a reduction in some roles this year,” a Virgin Media O2 spokesperson said.

“While we know that any period of change can be difficult, we are committed to supporting all of our people and are working closely with CWU and Prospect, along with our internal employee representatives, as we have open and honest conversations about the future direction of our business,” he added.

results

On the other hand, the operator has reported this Tuesday that in the first half of 2023 it obtained a net profit of 18.1 million pounds (21 million euros), below the net result of 170 million pounds (197 million euros) of the first half of last year. Virgin Media O2’s adjusted revenues in the semester totaled 5,318.9 million pounds (6,156 million euros), up 5.1%, including a 4.1% increase in mobile revenues, to 2,923 million pounds (3,383 million euros), while fixed revenues fell 4.6%, to 2,012.7 million pounds (2,329 million euros).

In the second quarter, the operator’s net profit increased to 307.6 million pounds (356 million euros) from 78.1 million pounds (90 million euros) in the same period of 2022. The company’s turnover increased by 6.2%, to 2,713 million pounds (3,140 million euros), adding an increase of 4.7% in the mobile business, to 1,113 million euros).

“Amid higher costs, increasing usage and continued investment, we executed the necessary price increases in line with our expectations and the impact began to flow through our second quarter revenue and Ebitda growth,” said Lutz Schüler, CEO of Virgin Media O2. “For the remainder of the year, we will focus on building business momentum, realizing joint venture synergies and future-proofing our networks,” he added.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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