Virgin Mobile losses top £100m

NEWS Losses at Virgin's mobile phone operations have reached the £100m figure at the end of its first full year in business. Virgin Mobile has just posted its first financial results, which show that it made a loss of £106.5m on turnover of £76m for the year to 31 December 2000. However, the company says the losses were as expected, and reflect heavy initial infrastructure investment. It claims its overall development is 'on track'. Virgin said: "We are quite proud of these figures. After 23 months of trading we are bang on track and doing very well." Virgin Mobile has 1.2 million subscribers, and is the fifth largest operator in the UK.