Sky gets revenue and profit boost as customer additions surge

Sky has seen “another strong quarter” after reporting its financial results for the nine months ending 31 March 2016.

During this period, the pay-television provider’s revenue increased by 5% to £8.72bn, compared to £8.32bn at the same time last year.

Sky also saw a 12% rise in operating profit to £1.14bn in the nine months to end March, compared to £1.02bn a year before.

Strong customer additions were the driving force behind these results, as Sky added 177,000 new customers in the third quarter, taking its total retail customers to 21.7 million.

In addition, Sky also completed new deals with the likes of Formula 1 and UEFA Euro 2016, as well as a pan-European movie deal with Sony.

Jeremy Darroch, group chief executive, commented: “It’s been another strong quarter for Sky. Our strategy to broaden our business, expanding into new markets and customer segments, has delivered further excellent financial results with revenue up 5% and a double digit growth in profit.

“We want to offer customers the very best TV experience, whenever and however they want to watch.

“Strengthening our movies offer, we secured our first group-wide movie deal with Sony this quarter, and for families we launched our new Sky Kids App, which will be rolled out in all territories. In sport, we are excited to become the exclusive home of Formula 1 in the UK and Ireland from 2019 whilst we will be showing UEFA Euro 2016 this summer in Italy.

“Our promise of world class content, commitment to innovation and brilliant service is persuading more customers to join and stay with Sky, in every market. As we pass the major milestone of 40 million products in UK and Irish households, we will continue to execute this successful approach across the group.”

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