BSkyB announces record profits
on 26/07/2012 09:17:00
The group reported a 14% jump in operating profits to £1.2bn (€1.53bn) in the year to June 30 as it added 312,000 customers to bring its total base to 10.6 million.
Premier League audiences were up 12% year on year, BSkyB said, with the Manchester City and Manchester United derby bringing in a record 4.29 million viewers.
An entertainment line up including comedy drama 'Stella' on Sky1 and fantasy drama 'Game of Thrones' on Sky Atlantic helped bring in 57,000 households in the final quarter alone, although this was a slowdown on 78,000 in the previous quarter.
BSkyB cheered investors as it unveiled plans for a £500m (€640m) share buyback, which is subject to shareholder approval on November 1. Shares in the group rose 1%.
Manoj Ladwa, head of trading at TJ Markets, said: "Impressive results from BSkyB as they managed to beat analyst estimates. Investors will be encouraged by the addition of 57,000 net customers in the fourth quarter and the bold share buy-back scheme."
Elsewhere, BSkyB said it will pump £30m (€38.4m) into the launch of its new internet TV service Now TV as it moves to compete with online services such as Netflix and LoveFilm.