BSkyB Sees Full-Year Profit Up 9% To £1.33bn

BSkyB, the owner of Sky News, has announced a 9% rise in full-year operating profit to £1.33bn.

BSkyB has also announced a £500m share buyback and an 18% increase in the dividend.

Revenue for the entertainment and home communications company was up 7% to £7.235bn.

The company saw paid-for product growth of 3.3 million, taking the total to 31.6 million.

It also saw a 170% rise year-on-year in the number of connected Sky+HD boxes, to 2.7 million units.

BSkyB has reaffirmed a commitment to original content

There was a fivefold increase in On Demand downloads and a 200% growth in Sky Store video rentals.

BSkyB now has 10.42 million pay TV subscribers and 4.9 million broadband customers.

BSkyB chief executive Jeremy Darroch told Sky News Sunrise Presenter Stephen Dixon: "We are delighted with the results today."

"The economy is a challenge and it is providing head-winds for all consumer businesses."

Mr Darroch said: "Against that backdrop, we have a strong set of plans that will extend our leadership in core areas - onscreen, in home communications, and in front-line service delivery; accelerate growth in new services; and improve efficiency to build a bigger, more profitable business for shareholders."

He added: "On the back of this performance, we are increasing returns to shareholders with the ninth consecutive rise in the ordinary dividend and we intend to seek approval for a further £500m of share repurchases."

Team Sky rider Chris Froome won this year's Tour de France

BSkyB said it will continue to expand its plans for original content, including a big step up in commissioned drama.

The number of entertainment shows with an audience of more than 1 million has risen 200% during the last two years.

The company also has an ongoing commitment to British Cycling, taking the partnership up to and including the 2016 Olympics.

Team Sky won back-to-back Tour de France cycling races, in 2012 and 2013.

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