BSkyB Nine-Month Profits Jump 9% To £994m

BSkyB, the owner of Sky News, has announced a 9% rise in profits and confirmed the creation of 550 new jobs.

Adjusted operating profit for the nine months to March 31 reached £994m, partly driven by growth in the number of products customers are paying for.

Sky said its total paid-for subscription product base had exceeded 30 million for the first time, with broadband and telephone performing particularly well.

It added 152,000 broadband customers over the past three months while 186,000 more homes took Sky Talk services.

Another highlight from its performance was a fivefold year-on-year increase in On Demand downloads, hitting 4.5 million on average per week.

The company said the new roles would be mainly based at its new customer contact centre in Newcastle and support growth in its product base.

Jeremy Darroch is Sky's chief executive

The move meant Sky had created a total of 1,250 jobs during 2013.

Chief executive Jeremy Darroch said: "We have had a good third quarter and our multi-product strategy is delivering strong results.

"Increased take-up across our product set led to another improvement in financial performance with growth in revenues and profits accelerating in the third quarter.

"Group revenues are up 6%, operating profit up 9% and earnings per share up 16% for the first nine months.

"In our television business, we continue to see rapid growth in our connected TV services as customers take advantage of new ways to watch our content. The number of internet-connected Sky+HD boxes grew by almost 45,000 every week in the quarter, leading to a fivefold increase in On Demand downloads and 37% growth in movie rentals against last year.

"Alongside the expansion of our mobile video service with the launch of Sky Go Extra, these trends are opening up new sources of future growth and value creation.

"These results highlight the way that our successful transition to more broadly-based growth has created a bigger, more profitable business. And having more ways to grow serves us particularly well at a time when household budgets look likely to remain stretched."

He concluded: "We will continue to focus on overall product sales as the best means of delivering sustainable growth and returns for shareholders."

The BSkyB share price rose 2% in early trading on the FTSE 100 as the results were seen as beating analysts' estimates.

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