Sky’s rise in subscribers sees profits increase
The European media company based in London, Sky, has revealed a rise of 7% in its profits in the year ending June.
The company’s sanctuary operating profits reached £1.034bn (US$1.36bn) in the 12 months reviewed.
The entertainment firm’s earnings before tax also increased by 9% to hit £2.3bn ($3.03bn).
Sky claims this marks the 29th consecutive year of growth for its revenue, of which its like-for-like revenue rose by 5% to £13.6bn ($17.92bn) and its advertising revenue increased by 6%.
It is anticipated that the company’s success to can be attributed to the 39% growth in customers, with Sky acquiring 500,000 new customers in the review period.
The firm also increased its product portfolio – such as home and mobile telecoms, and broadband – by 81%.
The news falls as a takeover bidding battle has begun between Comcast and Fox, in which Comcast has placed the largest offer of £26bn ($34.26bn).
“Our strong performance reflects the execution of our strategy over an extended period of time, driving sustained growth in revenue, profits and shareholder returns,” stated Jeremy Darroch, CEO of Sky, Sky News reported.
“We do this by providing our customers more of the best content, world class innovation in products and services, combined with industry leading front-line service.”
“Together with an increasingly agile and efficient organisation, we are able to deliver for shareholders whilst ensuring the customer experience is better than anywhere else.”
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