We expect full-year dividends up three to five per cent based on these numbers. This reinforces our fundamentally positive view on BSkyB which is predicated on the view that growth is much more solid/predictable than investors might expect. We are buyers with an 850p target.
PATRICK YAU PEEL HUNT
BSkyB’s numbers were solidly reassuring, with all key metrics showing improvement over first quarter 2012. Helped by the comprehensive HD Olympics coverage, new product launches and continued up-selling of the product, Sky has driven up average revenue per user. ‘Buy’ rating and 818p target.
SAM HART CHARLES STANLEY
Revenue growth is now being driven by existing customers taking additional products. A number of positive regulatory developments during the period are once again allowing investors to focus on company fundamentals. Our recommendation stays at ‘Accumulate’ .