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Strong results lift BSkyB stock

Price breaks through $14 mark

LONDON — The price of stock in Europe’s leading paybox BSkyB headed north Wednesday as the satcaster presented a trading update that exceeded analysts’ expectations.

The stock hit a three-year peak breaking through the £7 ($14) mark for the first time in more than three years.

For the three months to June 30, BSkyB added 90,000 new subscribers to its TV service, an increase of 17% year-on-year.

More than 8.5 million homes now take BSkyB in the U.K. and Ireland.

The number of Sky Broadband subscribers increased by 259,000 to 716,000.

Of the 259,000 broadband customers coming on board, a third were new to BSkyB.

This was a considerable achievement for the paybox as it faces tough competition from Virgin Media’s so-called “quad play” proposition of TV, broadband, fixed and mobile telephony service.

BSkyB topper James Murdoch said: “Our transformation continues to gather pace. Today we are adding new customers at the fastest rate since analog switch-off.

“We are adding more broadband customers than any other provider and we are the only major residential telephony provider growing its customer base.”

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