Sky Plc 9-month Operating Profit Declines; Group Revenues Up 11%

Ausiliatrice Cristiano
Aprile 21, 2017

Announcing its latest results, Sky said 40,000 new customers joined the company between January and March this year, taking it to 12.7m United Kingdom customers in total.

In the United Kingdom, revenues increased by four per cent to £6.410bn. Subscription revenue grew by 4% to 8.12 billion pounds.

Sky has said rising costs from screening English Premier League football and a "weaker United Kingdom advertising market" has dragged on profits.

Sky attracted 106,000 new customers in Q3 of its current financial year, taking its overall customer base up to 22.4 million. At constant exchange rates, that growth was 5pc.

Darroch added: "HBO and Sky have for many years shared a common creative culture and a common vision for the development of high-quality drama".

The company, which is in the midst of being acquired by USA media company 21st Century Fox (FOXA), recorded adjusted operating profit of 1.01 billion pounds ($1.29 billion) for the nine months to March 31, down from GBP1.14 billion in the same period a year earlier.

Group revenues increased five per cent to £9.64 billion (RM54.4 billion) in the nine months to March 31 compared with the equivalent period in 2015/16.

"This new venture deepens that relationship, maintains our leadership position in world-class content".

Germany & Austria delivered a strong quarter, with revenue up 10%, helping Sky deliver its first ever operating profit at the nine month stage from those regions.

Sky's results were accompanied by its announcement of a new production partnership with HBO and the unveiling of plans to show Test cricket in the UHD format for the first time.

Media group Sky has announced a multi-year $250m (£195m) co-production deal with U.S. television network HBO. "Together we represent the best in television and combined we will raise the bar even higher in pay-TV programming".

"It's been another strong quarter for Sky, despite this being our seasonally quietest period".

But chief executive Jeremy Darroch said: "We enter the final quarter of our fiscal year in good shape".

21st Century Fox owns a 39 percent stake in Sky, led by CEO, and has offered to take full ownership.

Sky hopes the United Kingdom government will approve its takeover by Twenty-First Century Fox next month.

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