Saturday 18 November 2017

Sky's revenues jump to €7.5bn as Rupert Murdoch's son is appointed as chairman

Sky TV camera at Nowlan Park
Sky TV camera at Nowlan Park
Michael Cogley

Michael Cogley

Sky, the British-based TV and telecoms company, has seen its revenue rise by 5pc in the first six months of its financial year, bringing its total haul in during the period up to £5.17bn (€7.5bn).

In the company's interim results released to the Irish Stock Exchange this morning, it was revealed that Sky's EBITDA also grew, rising by 8pc up to £1bn.

In the months stretching from October to the end of December, Sky said that it gained another 337,000 new customers across Ireland and the UK, the highest quarterly customer growth in ten years.

The firm's also reported its highest-ever first-half operating profit. Operating profits rose 12pc up to £747m.

Speaking in the trading update this morning, Sky's group chief executive, Jeremy Darroch, said: "We have had another very strong half as we continue to transform Sky, broadening our business and expanding into new markets and customer segments. This strategy is delivering today and opening up significant growth opportunities for the future. We are pursuing those opportunities with energy and purpose.

"Today's results show that our approach is working and customers are responding in record numbers. Over 337,000 new customers joined Sky in the second quarter and we sold 1.1 million extra paid-for products. This has delivered strong financial performance with revenue growth of 5pc, a 12pc increase in operating profit and 10pc growth in earnings per share," Mr Darroch said.

The interim dividend rose to 12.6p per share.

The company also announced that Nicholas Ferguson CBE is to step down as the firm's chairman and as a director after 12 years on the board.

The role of chairman will be filled by media giant Rupert Murdoch's son, James Murdoch.

Speaking about Mr Ferguson stepping down and Mr Murdoch's appointment, Mr Darroch said: "The entire Board offers its warmest thanks to Nick for his leadership as chairman and the major contribution he has made to Sky over many years.

"We're delighted that James Murdoch has agreed to step into the role of chairman.  James' deep knowledge of the international media industry and his passion for supporting Sky's ongoing success will make an even greater contribution to our business in the future."

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