BSkyB revenues up ten percent

Source: Technology Digital

Date :30/04/2008 17:17:42

British Sky Broadcasting today announced ten percent gains in revenue to £3.7 billion during the period to March 31, 2008.

The Group also reported a loss of £118 million in the third quarter having written down a big fall in the value of its investment in the shares of its rival ITV.

The third quarter loss compared to a profit of £388 million in the previous third quarter.

Customers

The company said it had added 56,000 net customers in the quarter, raising its total to nearly 8.9 million, and Broadband subscriptions also increased by 229,000 to 1.4 million. Additionally, the amount spent by customers has risen for the fifth successive quarter.

Jeremy Darroch, Chief Executive, said: “I am pleased to say that we have delivered a strong set of results and we are on track to meet our targets.”

“Profit was in line with our expectations and reducing broadband losses, coupled with strong cashflow has set us up well for the future.”

Last year the Competition Appeal Tribunal ruled that BSkyB must dispose of more than half its 17.9 percent stake in ITV. BSkyB has appealed the ruling, and a public hearing before the Competition Appeal Tribunal is scheduled Wednesday.

April 30, 2008