By Simon Zekaria
LONDON--Sky PLC (SKY.LN) said on Wednesday it more than doubled
its yearly profit as the expanded pay-television giant won more
customers in its home U.K. market, as well as Germany and
Austria.
Sky's net profit for the fiscal year ended June 30 rose to 1.96
billion pounds ($3.06 billion) from GBP865 million in the year
preceding. Operating profit before exceptional items--a key metric
of business performance--rose 18% to GBP1.4 billion.
Adjusted for exceptional items, revenue rose 5% to GBP11.3
billion.
The U.K.'s market-leading pay-television operator said it added
973,000 customers in the year, up 45%. In the fourth quarter, it
added 158,000 new customers. The number of products its existing
customers use, including broadband Internet and high-definition TV,
jumped by 829,000 in the quarter.
It recommended a full-year dividend of 32.8 pence, up 3% from
the year-earlier period.
"The past 12 months have been an outstanding period of growth
for Sky," said Chief Executive Jeremy Darroch.
Last year, Sky bought its sister companies in Germany and Italy
from 21st Century Fox Inc. (FOXA) in a deal worth about $9 billion,
creating a pan-European pay-TV giant with over 20 million customers
across Germany, Italy, Austria, the U.K. and Ireland.
Sky is 39%-owned by 21st Century Fox, which until June 2013 was
part of the same company as The Wall Street Journal parent News
Corp. (NWS.AU).
Sky shares closed Tuesday at 1,124 pence, valuing the company at
GBP19.3 billion.
Write to Simon Zekaria at simon.zekaria@wsj.com
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