Sky (LON:SKY) has updated investors on its third-quarter performance this morning.
Highlights from the company statement:
· Over 100,000 new customers joined Sky in Q3; added 769,000 in the last year to 22.4 million customers
· Good financial performance; adjusted Group EBITDA of £1.5 billion; adjusted Group operating profit of £1.0 billion
· Strong year on year profit growth in Italy (+£64 million) and Germany & Austria (+£43 million)
· Continued progress on cost efficiency with operating costs down 1%
· HBO and Sky announce a $250 million multi-year production partnership
· Business remains on track for the full year
Jeremy Darroch, Group Chief Executive, commented:
"It's been another strong quarter for Sky, despite this being our seasonally quietest period. We continue to perform well, attracting another 106,000 customers across the Group in the quarter, taking growth to 769,000 over the last 12 months. We have delivered strong revenue growth of 11% and are on track financially with operating profit for the nine months exceeding £1 billion.
"We've made good progress on the growth plans that we laid out. We launched Sky Mobile to create a substantial new source of revenue and profits. We have continued to improve the customer experience with further enhancements to our Sky Q and Sky+ platforms as well as the launch of our digital customer service via the My Sky app. We have concluded a number of long term rights renewals and are announcing today a major new multi-year co-production deal with HBO, as well as a ground breaking virtual reality experience in partnership with Sir David Attenborough and the Natural History Museum.
"Looking forward, we enter the final quarter of our fiscal year in good shape. Despite the broader consumer environment remaining uncertain, we continue to deliver on our strategy and are on track for the full year. "