Sky revenues rise 6% to hit £1.9bn after adding 760,000 new subscribers
BSkyB has posted a healthy set of financial results for the three months to 30 September with unaudited figures showing a 6 per cent year-on-year increase in revenues to £1.9bn.
The flow of cash was generated by 760,000 new paid-for subscription products over the period which took BSkyB’s total installed base up to 6m. Other earners for the satellite broadcaster include Sky Store, where revenues have doubled over the year, and Now TV sports transactions – which trebled.
BSkyB’s AdSmart platform saw revenues rise 48 per cent versus the prior quarter.
Commenting on the results BSkyB chief executive Jeremy Darroch said: “We have made a strong start to the year. After a year of investment, we are seeing the returns coming through with good top-line growth of 6% translating into an 11% increase in profits.
”This strong financial performance was fuelled by continued operating momentum. We are seeing broad customer demand for our products whilst opening up new revenue opportunities. In all, we added 760,000 new paid-for products, 8% more than the previous quarter.
“The investments that we have made in new connected TV services are delivering growing benefits to our business. We extended our lead as the UK’s largest connected TV platform, surpassing 6 million connected homes. Sky Store more than doubled its revenues and our mobile TV service Sky Go Extra achieved a record quarter of growth. The benefits are clear as connected customers watch more TV, spend more with us and are more loyal.
“Three months into the year, we are delivering against a clear strategy for growth in our existing business. At the same time, we are making good progress with our proposed acquisition of Sky Italia and a majority stake in Sky Deutschland.”