Sky says United Kingdom customer defections steady in Q3

  • Sky says United Kingdom customer defections steady in Q3

Sky says United Kingdom customer defections steady in Q3

Sky shares edged 0.1% higher in early European trading to 983 pence in London Thursday, but have have lost 1.7% over the past three months.

Sky plc (BSY.L, SKY.L) reported statutory operating profit of 703 million pounds for the 9 months to 31 Mar 2017 compared to 802 million pounds, previous year. However Sky's group chief executive Jeremy Darroch remained unconcerned, pointing to the company's investment in innovations Sky Q and the launch of Sky Mobile as well as additional Premier League soccer costs of $633.7 million as key factors in this shift.

The company has been working to offset the hit from the Premier League rights inflation by cutting costs elsewhere and progressing its efficiency plans. At constant exchange rates, that growth was 5pc. It highlighted "good growth" in all of its markets. In the United Kingdom and Ireland, revenues were £6.41 billion up 4% on both measures while Italy grew 25%/7% to £1.849 billion and German and Austrian business was up 28%/10% to £1.382 billion.

Sky has said it's looking to produce "high-end drama", it's now working on new projects.

Investors will hope this partnership offsets headwinds, which include what Darroch calls "anaemic" consumer confidence and a weak advertising market.

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Companies have been cutting operations in Venezuela as a result of runaway inflation and strict currency controls. Unemployment is set to surpass 25%, and its people have suffered from widespread shortages of food and medicine.

Fox is aiming to seize control of the 61 per cent of Sky it does not already own and the bid comes five years after Murdoch's last tilt at taking the business over through News Corporation.

HBO and Sky have developed reputations as homes for the most highly-acclaimed television series.

Media group Sky has announced a multi-year $250m (£195m) co-production deal with United States television network HBO.

Pitches are being invited from production companies around the world and the partners say they expect to green-light at least two drama projects per year with the first project coming to screen in 2018. Going into production later this year, users will be able to virtually visit the Natural History Museum, with Sir David Attenborough as their guide.

"It's been another strong quarter for Sky, despite this being our seasonally quietest period".