Profits Up at British Sky Broadcasting Group
May 2nd 2013 1:41PM
Updated May 2nd 2013 3:55PM
LONDON -- In its results for the nine months ended March 31, 2013, published this morning, British Sky Broadcasting Group reported adjusted operating profit up 9%, at 994 million pounds on the back of revenue that was up 6%, at 5,381 million pounds. Adjusted basic earnings per share grew 16%, to 43.7 pence.
The company also reported subscription product growth of 715,000 in the third quarter, in spite of continued difficult economic conditions. And with its 10.8 million retail customers taking an average of 2.8 paid-for subscription products each -- and paying an average of 576 pounds per year to do so, up 30 pounds on the previous year -- BkyB's total paid-for subscription product base has now exceeded 30 million for the first time.
Commenting on the results, Jeremy Darroch, BSkyB's chief executive, said:
These results highlight the way that our successful transition to more broadly based growth has created a bigger, more profitable business. And having more ways to grow serves us particularly well at a time when household budgets look likely to remain stretched. We will continue to focus on overall product sales as the best means of delivering sustainable growth and returns for shareholders.
Despite a recent slip of 6% from a five-year high reached in mid-March, BSKyB's share price has risen by over 20% in the past year, on top of which the company pays a respectable dividend -- around 3.3% this year, forecast to rise to 3.6% in 2014.
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