Profit Dips at Sky

LONDON: Profit for the year ended June 30 as BSkyB dipped 7.7 percent to £810 million, on revenues that were up 16 percent to £6.6 billion.

The satellite platform reported 10.3 million customers at end June 30, including 3.8 million Sky HD subs. ARPU was up for the year to £539. The platform spent £2.2 billion on programming in the year, a 15 percent increase.

"This has been a year of outstanding operational and financial results for Sky," said James Murdoch, who will remain chairman of the company. "It is to the credit of Sky’s first-class management team that the company has continued to deliver throughout the offer period that ended earlier this month."

Chief executive Jeremy Darroch, commented, "Sky has had an excellent year of delivery for both customers and shareholders. We have stayed focused on executing our plan and customers have responded by rewarding us with more of their business. Today’s announcement of a capital returns program is a reflection of our strong performance and financial position, which flow directly from delivering for customers in the marketplace. With that in mind, we will stay focused on getting better on screen, innovating faster and delivering great value."

Darroch concluded, "With a consistent strategy and a clear set of priorities, we are well positioned for the opportunities ahead as we enter the new financial year. While we expect the environment to remain challenging, we will continue to pursue a balanced approach to growth and returns, based on sensible investment in areas of long-term advantage and a strong focus on operational efficiency."