The results read very well, especially on the subscriber metrics, although significant changes to KPI disclosure make reading of longer-term trends hard. However, there are some signs the quality of the subscriber base might be coming under pressure.
JULIEN ROCH | BARCLAYS
Churn is again low, confirming that the connected boxes strategy unveiled by the company ... is working superbly. Yes, the market is more competitive in the UK with players offering new alternatives. But Sky has now demonstrated they can still grow nicely thanks to a superior TV product
STEPHEN WILLIAMS | BREWIN DOLPHIN
The benefit of Sky’s good cash flow – and hence dividend yield – is being offset by higher content prices and thus there is greater urgency to develop content in-house.