BSkyB Q1 earnings up 16%
Pay-TV group BSkyB reported a 16 per cent increase in first quarter earnings today as price rises and the sale of additional products to subscribers helped mask its struggles in signing up new customers.
BSkyB, which sells pay-TV, broadband and telephone services, has launched an online offering and promoted new products to existing customers in an attempt to grow its base amid tough economic conditions.
In the first three months of the year, BSkyB signed up 48,000 new households, in line with forecasts, which was made up of 20,000 additions to the core pay-TV offering.
A price rise introduced in September after a two year freeze and a share buyback programme helped lift earnings per share to 13.4 pence.
Revenue was up 4 per cent to £1.7 billion (€2.1 billion) and adjusted operating profit was up 5 per cent to £310 million (€386.4 million).
“Looking forward, whilst we continue to see a challenging consumer environment in the UK and Ireland, we are well positioned to execute our plans for the year,” BSkyB said.