26th Jul 2018 08:50
LONDON (Alliance News) - Sky PLC said Thursday it achieved "excellent" annual results, as it proposed no final dividend amid takeover talks.
For the year to June 30, to the pay-TV provider said revenue rose up 5.2% to GBP13.58 billion from GBP12.91 billion recorded last year.
By geography, Sky said it delivered growth in "each territory" with revenue in the UK & Ireland up 4% to GBP8.93 billion. Meanwhile in Germany & Austria revenue climbed by 6% to GBP2.02 billion. Italy also achieved a 6% growth to GBP2.63 billion after what the company described as a "ground-breaking year".
"Over half a million new customers joined Sky this year and we now have 63 million products in customer's homes as they continue to choose Sky over other providers," Chief Executive Officer Jeremy Darroch said.
Pretax profit climbed 7.6% to GBP864 million compared to GBP803 million year-on-year.
Sky did not recommend the payment of a dividend in respect of the year as it is in discussions with both US media giant Comcast Corp and Twenty-First Century Fox Inc, after both made rival cash offers regarding a potential takeover of Sky.
Both offers include a payment in lieu of a dividend to Sky shareholders in respect of the year just ended.
Comcast and Fox are tangled in a war over Sky as, earlier in July, the former increased its offer to 1475.00 pence per Sky share in a move to outbid Fox's at 1400p per share.
Sky said that the independent committee of the board recommended shareholders to accept Comcast's increased offer.
Sky said it entered the new year with "good momentum", and it is confident it will continue to create long-term growth.
Sky shares were trading 0.5% higher at 1,514.00p each on Thursday.
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