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Sky posts 10 percent growth in customer base

Sky released its latest set of financial results for the 9 month period ending 31 March 2008.

New customer growth was up 56,000 in the first quarter of 2008 to 8.8 million.  Total customer additions were 289,000.

Sky says customer additions are in line with its target of 10 million by 2010. 

It added 229,000 broadband customers, bringing the total to 1.428 million.  Not a bad feat considering it only started offering broadband in the summer of 2006.

The number of homes with Sky+ also increased by 262,000 to 3.393 million.

However, the company incurred a loss of £118 million over the nine months due to its stake in ITV which has tumbled in value.  In total Sky had to write-off £474 million due to its shareholding.

It was better news for Sky in customer churn figures (the number of customers who left Sky).  This stood at 10.5 percent and was the lowest reported for four years. 

Jeremy Darroch, Chief Executive said in a statement:  “We are reporting a strong set of results today. We are delivering for customers through a combination of great quality, value and service. As a result, more customers are choosing Sky, they are more satisfied and they are taking more products than ever before.”

“In the third quarter, despite a difficult consumer environment, customer growth increased by 10% on last year and third-quarter churn was at a four-year low.  The success of our strategy is reflected in our financial performance. Revenue growth of 10%, increased quarterly profitability and reducing broadband losses put us on track to achieve our targets.”