Posted on July 26, 2018 by staff

Sky boss hails ‘exceptional year’ as revenues hit £13.6bn


Media and entertainment group Sky plc has enjoyed growth in revenue, profits and customer numbers with CEO Jeremy Darroch describing its latest financial year as “exceptional”.

The company generated a 5 per cent increase in like-for-like revenue to £13.6 billion for the year to 30 June 2018. This is Sky’s 29th consecutive year of revenue growth.

EBITDA (earnings before interest, tax, depreciation and amortisation) for the 12 months was £2.35 billion, up from £2.15 billion a year earlier.

The group attracted more than 500,000 new customers during the year, growing its total customer base to 26,515,000.

Chief executive Jeremy Darroch said “it’s been an exceptional year”.

“Our strong performance reflects the execution of our strategy over an extended period of time, driving sustained growth in revenue, profits and shareholder returns,” he added.

“We do this by providing our customers more of the best content, world class innovation in products and services, combined with industry leading front-line service. Together with an increasingly agile and efficient organisation, we are able to deliver for shareholders whilst ensuring the customer experience is better than anywhere else.”

Sky’s annual results come as a bidding war between 21st Century Fox and Universal Studios owner Comcast continues.

Comcast recently increased its bid for Sky to £26 billion just hours after Fox, which already owns 39 per cent of Sky, made an offer of £24.5 billion.

Looking ahead, Darroch said Sky enters the year ahead with”good momentum”.

“We have an excellent set of plans and we’re focused on executing them well,” he said.

“We are proud that Sky is recognised globally as an outstanding business and are confident we have the right assets and capabilities to continue creating long term growth opportunities and to capitalise on the strong position we’ve built.”