PAUL RICHARDS NUMIS SECURITIES
Another solid operational performance given the challenging macro backdrop, combined with a robust financial performance. Churn is the standout operational number at 9.9 per cent and we expect a similar performance in 2013 retaining our positive stance and target price of 815p.
PATRICK YAU PEEL HUNT
This is a solid full-year statement from BSkyB, indicating good progress across the board as the company continues to invest in its programming and launch new products to drive customer retention. Importantly the number of triple-play customers rose to 3.4m.
STEVE LIECHTI INVESTEC
Various new initiatives are likely to increase costs e.g. sports content signings/re-signing, Now TV and Ireland communications launch but these should be more or less offset by higher base numbers and cost mitigation elsewhere. The figures are very good overall