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Virgin Media Announces £375 Million Share Buy-Back

Virgin Media has announced that it plans to buy back £375 million worth of its shares over the next 12 months.

The move comes after the company reported it had added 9,100 new customers to its network in during its traditionally tricky second quarter - last year, Virgin Media recorded a loss of 27,800 customers in the same period.

Virgin Media CEO Neil Berkett said that the share buy-back is a part of the £700 million capital return program, in which the company would look to cover its debts.

He said that £700 million was the initial target amount, indicating that the program was likely to continue well beyond 12 months.

The Telegraph reports that the CEO also criticised competitors BT and TalkTalk for advertising false broadband speeds after Ofcom determined that only Virgin Media was offering broadband speeds close to what it advertises.

Berkett said: "We couldn't have paid for better advertising. It is just wrong and unfair to consumers to advertise speeds you can't offer."