Virgin Media Ireland records €72.9m loss as it sets aside €4m for company restructuring

The broadband and mobile services offshoot of Virgin Media has set aside nearly €4 million to allow for “restructuring costs”, its newly-filed financial accounts reveal, as the business suffered a loss of more than €72 million last year.

Virgin Media Ireland registered a €72.96 million loss before tax for the 2025 financial year. Its accounts show the loss loss coincided with a €64.87 million cost of sales, €309 million in “other operating expenses” and a further €61.07 million in “finance costs”.

In 2024, the company accounted for a €21.24 million loss before tax. Its current net liabilities stood at €267 million (up circa 70 per cent from €159 million in 2024) by the end of last year.

It generated €356 million in revenue during the same period – €281 million of which came from residential broadband services, €39 million from business-to-business (B2B) and €36 million from mobile services. This represented a fall in total revenue of €10 million, or 2.87 per cent, from 2024.

“The directors are satisfied with the performance of the company for the year of trading,” a note within the company accounts read, and “have a reasonable expectation the company has adequate support and resources to continue in operational existence for the foreseeable future”.

The company had 452,417 customers by the end of 2025 – 10,000 customers fewer than it had 12 months beforehand, the accounts show.

It employed 692 employees on average, comprising 552 operational workers, 83 administrative staff and 57 working in marketing. The company paid €47.34 million in wages and salaries (including contracts and payments to agency staff), according to its accounts, resulting in an average salary of €68,411.

€1,570,000 was paid to the company’s three directors: chief executive Anthony (Tony) Hanway, chief financial officer Roelant Lyppons and Peter McCarthy, its general counsel and vice president of corporate affairs and people. Max Adkins, the company’s former chief financial officer, left the business in mid-January.

In a director’s note within the accounts, the company described its principal activity as “the provision of broadband internet, fixed-lined telephony, mobile, as well as running some of the telecommunications services over which they are provided”.

The company is a wholly-owned subsidiary of the Virgin Media Ireland Group, which itself forms part of the Liberty Global group, the note read.

The company was contacted for comment on the details of the proposed internal restructuring.