Wednesday 18 July 2018

Sky 'pop up' channels sees costs increase as revenue jumps 5pc

Liam Cunningham (Ser Davos) and Kit Harrington (Jon Snow). Photo: HBO.
Liam Cunningham (Ser Davos) and Kit Harrington (Jon Snow). Photo: HBO.
Michael Cogley

Michael Cogley

British broadcasting giant Sky has gained 177,000 new customers and added 686,000 Sky products in the three month period ending March 31.

In the first three quarters of its financial year Sky has grown its revenue by 5pc up to £8.72bn (€11.07bn), which includes a 6pc increase in its UK and Ireland sales.

The company's operating profit has grown by 12pc so far this year up to £1.14bn with profits in the UK and Ireland spiking by 15pc.

Sky chief executive James Darroch said it has been another strong quarter for the firm.

"Our strategy to broaden our business, expanding into new markets and customer segments, has delivered further excellent financial results with revenue up 5% and a double digit growth in profit.

"Our approach to the connected home continues to engage customers; almost 11 million Sky households have now connected to enjoy our on demand services including Sky Box Sets, which recently launched in both Germany and Italy," Mr Darroch said.

The company's total retail customers across all its services now stands at 21.7 million.

The creation of pop up channels for the likes of Harry Potter and Star Wars caused an increase in programming costs of 5pc.

Net debt at the end of March jumped by £700m year on year to £6.3bn.

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