Sky records 'strong' start to the year
Broadcasting company Sky has recorded a "strong" start to 2017, with revenue increasing 5pc year-on-year to £3.3bn (€3.7bn) in the three months to 30 September.
Revenue from the Irish and UK market accounted for £2.2bn of the £3.3bn in revenue recorded.
Earnings before interest, taxation, depreciation, and amortisation increased by 11pc to £582m in the three month period, with the Irish and UK market accounting for £452m of this, according to the group’s first quarter update.
The performance was driven by good customer demand for the company’s products and services, with 160,000 new customers joining the company in the three month period, up 51pc on the same period last year.
In addition, Sky added over 800,000 subscription products, with subscription products passing the 60 million mark.
During the three month period the company sold 9.6 million pay-as-you-go sports and entertainment products, up 12pc on the same period in 2016.
"We've had a strong start to our new financial year with good revenue growth and excellent profit growth as investments we've made come through.
We continue to see good demand for our products and services, with 51pc more new customers joining Sky than a year ago," Jeremy Darroch, group CEO, said.
Looking ahead, the company said that it remained on track with its plans as it enters the busy second quarter trading period.
In December last year, the board of 21st Century Fox and the board of Sky announced that they had reached agreement on the terms of a cash offer by 21st Century Fox for the fully diluted share capital of Sky, which 21st Century Fox and its affiliates do not already own.
The offer is currently being reviewed on public interest grounds by the Competition and Markets Authority in the UK, which has a statutory deadline of 6 March 2018 to send its report to the UK Secretary of State for Digital, Culture, Media and Sport, following her decision to refer the offer for in depth review last month.
Regulatory clearances from all other relevant authorities in respect of the deal have now been received.