Sky can still grow

12 May 2004 By Bill McIntosh

True, Sky’s customer growth slowed in the last quarter. But it still has a stranglehold on a market which has considerable scope for growth. A measured approach to grasping that opportunity means Sky can keep raising margins.

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BSkyB reported that operating profit before goodwill and exceptional items for the nine months to March jumped 76% to £438m. Total revenue grew 16% to £2.7bn. Posttax profit soared ninefold to £243m.

Net directtohome (DTH) satellite subscribers grew by 66,000 to 7.3m. The company reiterated its forecast of having 8m subscribers by the end of 2005.

Operating cashflow expanded by 31% to £518m from the year earlier period. Net debt fell to £662m at March 31 from £1.1bn at June 30, 2003.

Annualised average revenue per DTH user in the quarter expanded by £13 to £382 from the quarter ending in December. The gain followed an increase in prices to subscribers.

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