SKY’S growing broadband and TV customer numbers during the three months to 30 September helped push the pay-TV giant’s share price to a 12-year high yesterday.
Sky added 800,000 new paid-for subscriptions to its services during the quarter, boosted by 111,000 new broadband subscribers, which took the company to over 5m total broadband customers.
Revenues for the quarter grew seven per cent year on year to £1.84bn while profit fell 15 per cent to £245m as the company absorbed the higher Premier League costs at the start of the season.
Despite the decline in profits Sky’s share price leapt over seven per cent on the news to close at 940p yesterday.
“Thirty-six per cent of customers now choose to take all three of TV, broadband and telephony from Sky, over half a million more than last year,” said chief executive Jeremy Darroch.
“While the consumer environment remains challenging, we are well placed as we execute a strong set of plans for the rest of the year.”
Sky Sports seems to have brushed off competitive pressure from BT Sports during the quarter, growing in both total viewership, which increased by 15 per cent, and Premier League audiences, which were up 20 per cent.
The continued strength of Sky Sports puts additional pressure on BT’s upcoming results on 31 October, as the media giants battle for control of sport in UK living rooms.