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Sky posts strong profits but incurs broadband costs

Sky’s full year results show it’s been a good year for the broadcaster.

A lot has happened in a year for Sky.  Going from being a TV broadcaster, to becoming an important player in the broadband and voice market. Sky added 716,000 customers to its broadband packages and 526,000 telephony customers for the year.

In its full year results, Sky recorded a 10 percent rise in revenue to 4.6 billion in the year.  Underlying profit was up 6 percent to £958 million.

The company counted the cost of its broadband investment, which ate into profit margins.  However, the fast growth of its broadband customer base shows the investment is already starting to pay off.

Sky said that 93% of customers were connected within 11 working days and the service is now available to 70% of UK households through its own network.

James Murdoch, Chief Executive said:
“This year has been one of enormous importance and change for us, with the launch of our broadband and talk services transforming our business and our future prospects fundamentally. This expanded product range is now attracting new customers to Sky at a very healthy pace, as well as deepening our relationships with existing customers. “