Record demand for Sky pushes profits up

Record demand for Sky pushes profits up

Sky (LON:SKY) have reported an 18 percent jump in full-year operating profit on this morning, slightly above analysts expectations.

Full-year revenue was also up 5 percent to £11.3 billion. Combined with cost cuts across the business, the company reported an operating profit of £1.4 billion.

The positive results were driven by demand for broadband and tv entertainment and success in Europe; Sky, which formed from the combination of Britain’s BSkyB, Sky Deutschland and Sky Italia said the group had seen its highest organic customer growth for 11 years in Britain and Ireland.

Sky have done less well in Italy, where demand has fallen for the past three years. The company reported figures have remained stable, however.

“The investments we have made have given us a strong platform on which to build and we have a clear set of plans to deliver long-term growth and returns for our shareholders,” Chief Executive Jeremy Darroch said.

Sky are currently up 1.07% at 1,135 pence per share.