Virgin Media O2 plans to cut 30% of its wage bill, saving £800 million by 2029, and halt plans to expand its fibre footprint. It reported a 5.7% revenue decline to £2.4 billion and a 2.6% drop in adjusted core earnings to £995 million.
Virgin Media O2 plans to cut around 30% of its wage bill, saving £800 million by 2029, with most reductions coming from non-customer-facing roles. The operator is also in talks about using BT’s Openreach network to expand services beyond its own footprint.
Virgin Media O2 lost 23,300 fixed-line customers in the third quarter, taking its total to 5.5 million. Revenue fell 5.7% to £2.4 billion and adjusted core earnings dropped 2.6% to £995 million. The company said it would upgrade its existing cable network to offer 2Gbps services to most customers next year, while future fibre investment would be off-balance sheet and limited to areas without alt-networks.
