Sky share price outperforms as group delivers rise in revenue and earnings

Update follows CMA’s move to block Fox bid

Sky share price outperforms as group delivers rise in revenue and earnings

Shares in Sky (LON:SKY) have climbed into positive territory this morning, outperforming the broader UK market, as the pay-TV provider update investors on its half-year performance, revealing a rise in revenues and earnings. The results come after earlier this week the UK competition watchdog ruled that 21st Century Fox’s bid for the London-listed company was not in the public interest.

As of 08:38 GMT, Sky’s share price had added 0.50 percent to 1,028.58p, outperforming the benchmark FTSE 100 index which has slipped marginally into the red and currently stands 0.03 percent lower at 7,641.63 points. The group’ shares have added about 3.5 percent to their value over the past year, as compared with an over six-percent rise in the Footsie.

Sky posts half-year results

Sky said in a statement this morning that its revenues had increased five percent to £6.7 billion in the first half of its financial year, while the group’s earnings before interest, tax, depreciation and amortisation came in 10 percent higher at £1.1 billion. The pay-TV provider announced an interim dividend of 13.06 pence per share, marking a four-percent increase on 2016, in addition to a previously announced special dividend of 10 pence per share.

“We have delivered excellent results,” Sky’s chief executive Jeremy Darroch commented in the statement, adding that the company was ‘making good progress’ on its future growth plans.

21st Century Fox bid update

The results come after the Competitions and Markets Authority ruled earlier this week that Fox’s bid for the FTSE 100 group was not in the public interest, while setting out possible remedies relating to the media plurality concerns.

Sky noted in the statement that regulatory clearances from all other relevant authorities had now been received. 

As of 08:55 GMT, Thursday, 25 January, Sky Plc share price is 1,029.50p.

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