Sky Revenues Hit $12.4 Billion in Nine Months to March

Sky Sees 11% Growth in Nine
Courtesy of Sky

Sky saw revenues rise 11% year-on-year to £9.6 billion ($12.4 billion) for the nine months ending March 31, the broadcaster said Thursday. The result was $1.2 billion up on the same period the previous year.

Operating profits were £1 billion ($1.3 billion), down 11%. Sky’s group chief executive Jeremy Darroch said the company’s investment in Sky Q, the launch of Sky Mobile, and additional Premier League soccer costs of $633.7 million were behind the drop. Earnings before interest, tax, depreciation and amortization were £1.5 billion ($1.8 billion).

In individual Sky markets, the company posted revenues of $8.2 billion for the nine months to March 31 in the U.K. and Ireland, a rise of 4% year-on-year; $1.8 billion in Germany and Austria, a rise of 28%; and $2.4 billion in Italy, a rise of 25%. Darroch said he was particularly pleased with results in Italy, which had shown Sky’s fastest rate of growth for eight years and operating profits that were three times those of the previous year.

“It’s been another strong quarter for Sky, despite this being our seasonally quietest period,” said Darroch. “We continue to perform well, attracting another 106,000 customers across the group in the quarter, taking growth to 769,000 over the last 12 months.”

Darroch said the company was entering the final quarter of its fiscal year in good shape. “Despite the broader consumer environment remaining uncertain, we continue to deliver on our strategy and are on track for the full year.”

Sky’s customer base across its European markets now stands at 22.4 million.

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