British Sky Broadcasting Group Plc, which is the largest pay-TV operator by customers in the U.K., made an official statement today, revealing that it is on track for its full-year projections as its nine-month revenue increased by 6.6%, due to attracting new customers with its TV products. The company currently has more than 10 million customers.
Mr. Jeremy Darroch, who is the Chief Executive Officer of the company, said in the statement, which was cited by Bloomberg: “We have had a strong third quarter and continued to grow at an accelerated rate. Nine months into our plans for the year, we have added almost a third more new paid-for subscription products than in the same period last year.”
British Sky Broadcasting Group Plc managed to add about 70 000 new pay-TV subscribers in the last quarter. As reported by the Financial Times, the company’s CEO Mr. Darroch explained the results, saying: “We didn’t knock it out the park [on broadband]. But you’ve got to see that in the context of strong year-on-year product growth.”
According to the company’s statement, the sales of British Sky Broadcasting Group Plc increased by 6.6% and reached 5.7 billion pounds in the nine months ended March 31st slightly below analysts expectations. However, the company also shared that its pre-tax profit declined from 966 million pounds for the same period a year earlier to 793 million pounds due to technology and television expenses.
The net profit of British Sky Broadcasting Group fell from 736 to 623 million pounds (1.05 billion dollars), and its operating profit excluding exceptional items declined by 9% to 910 million pounds in comparison to market projections of 907 million pound.
British Sky Broadcasting Group Plc added 3.52% to trade at 911 pence per share by 10:06 GMT, marking a one year change of +7.81%. According to the information published on the Financial Times, the 23 analysts offering 12-month price targets for British Sky Broadcasting Group Plc have a median target of 935.00, with a high estimate of 1,110 and a low estimate of 600.00. The median estimate represents a 6.25% increase from the last price of 880.00.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
