Sky expected to unveil profit leap as it readies mobile market entry

 
Billy Bambrough
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Paul Giamatti and Damian Lewis star in Sky New York high finance drama Billions (Source: Getty)

Broadcaster Sky is set to post a jump in full year profits this week as well as further details for its planned entry to the mobile phone market.

Sky will report a 13 per cent rise in profit to £1.35bn for the 12 months to the end of June on Thursday while its long-expected move in to the highly competitive mobile phone market, using the O2 network, could come as early as this week.

Telecoms firms are rushing to offer customers bundled packages of broadband, home phone, mobile and TV services, known as quad-play.

Investment bank Numis labelled Sky as “highly resilient” to any likely economic downturn after the referendum.

Meanwhile rival broadcaster ITV will reporting results for the six months to June on Wednesday. ITV’s share price was heavily hit by the UK vote to quit the European Union last month as investors fretted over the risk of an advertising spend slowdown.

Numis analysts expect advertising to have fallen by up to ten per cent compared with the previous six months. Profits for the company are predicted to come in at £410m for the six month period.

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