Liberty Global Drops After Reducing Growth Goal on U.K. Slowness
- Cable operator forecasts pickup in second half of year
- Liberty is expanding networks in the U.K., Belgium, Germany
The Virgin Media company sign is displayed on the window of the company's Oxford Street in London, U.K., on Wednesday, Feb. 6, 2013. Billionaire John Malone's Liberty Global Inc. agreed to acquire Virgin Media, Britain's second-largest pay-TV provider, in a $16 billion cash-and-stock transaction announced in the U.S. yesterday.
Photographer: Chris Ratcliffe/BloombergLiberty Global Plc, billionaire John Malone’s cable carrier, slumped after lowering its growth target for Europe this year amid a weaker-than-expected start in the U.K.
Liberty now forecasts operating cash flow growth of 5 percent for 2017, down from February’s outlook of 6 percent to 7 percent, the London-based company said Sunday. The operator lost more customers than expected in the U.K. in the first quarter, following two price increases last year and challenges with the launch of a new video product. Mobile revenue also declined.