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    Unaudited 3rd Quarter Results from Sky

    This is a discussion on Unaudited 3rd Quarter Results from Sky within the Sky news and announcements forums, part of the SkyUser Announcements category; https://corporate.sky.com/documents/...march-2015.pdf Some highlights: Strong customer demand and loyalty across the group 242,000 new customer additions in Q3, almost 70% more ...

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      Unaudited 3rd Quarter Results from Sky

      https://corporate.sky.com/documents/...march-2015.pdf

      Some highlights:

      Strong customer demand and loyalty across the group

      • 242,000 new customer additions in Q3, almost 70% more than prior year
      • Over one million new paid-for subscription products
      • Stand-out churn performance in each market


      Exceptional customer growth in all territories

      • Highest Q3 growth in 11 years in UK and Ireland
      • Record growth rate in Germany and Austria
      • Best Q3 performance in Italy for three years


      Excellent financial results

      • 5% increase in group revenue to £8,453 million
      • 20% increase in operating profit to £1,025 million

      Jeremy Darroch, Group Chief Executive, commented:

      “We have delivered an excellent third quarter as customers across the enlarged Sky group respond to the quality and breadth of what we offer. In all, we attracted almost 70% more new customers than the prior year and over one million new products. By continuing the strong operating momentum of the first half, we have grown revenues by 5% and operating profit by 20% over the nine months.

      The UK and Ireland delivered a stand-out performance, reporting both the highest customer growth and lowest churn for eleven years. We took share in broadband and grew strongly in TV as our dual-brand strategy with NOW TV and Sky continues to deliver. At the same time, Germany enjoyed another record quarter of growth and Italy posted its best Q3 customer growth in three years. We’ve also delivered significantly increased customer loyalty in each of our businesses.

      “We are particularly excited by our progress in original drama. Fortitude debuted as the most successful drama ever on Sky Atlantic in the UK, 1992 opened as our most successful original scripted series in Italy, while Germany took its first steps in international co-production with 100 Code.

      “As these results demonstrate, our teams are working well together right across the new Sky. Five months in, our integration plans are progressing well and we are well positioned for the expanded growth opportunity ahead.”

      Results highlights

      Group operational performance (Q3) (000s) As at 31-Mar-15 As at 31-Mar-14 Annual Growth Quarterly Growth to 31-Mar-15
      Group products 53,035 48,394 +4,641 +1,002
      Group retail customers 20,848 19,902 +947 +242
      Churn (%)
      UK & Ireland 10.1 11.0 -0.9pp -0.4pp
      Germany & Austria 8.5 10.9 -2.4pp +0.2pp
      Italy 9.7 10.9 -1.2pp -0.3pp
      ...

      Fortitude and the Italian political drama 1992, became our first two dramas to premiere simultaneously across all five territories in the quarter, underlining the potential that we now have to operate at greater scale.

      ...

      In the UK and Ireland, we have connected more than 1 million boxes in the year to date, taking our connected base to almost 7 million homes. This has driven On Demand downloads to over 300 million during Q3, up 63% year on year, with Sky Box Sets delivering a new quarterly record of almost 100 million viewing events across Sky+ and Sky Go with hits such as The Walking Dead, Grey’s Anatomy and Game of Thrones.

      ...

      This growing penetration of connected devices is enabling us to drive growth in revenues from new products and services. An excellent example of this is Sky Store in the UK and Ireland where revenues increased 75% with a growing contribution from our Buy & Keep service. To date, more than half a million customers have purchased one or more movies from Sky since the service launched, and the service regularly ranks number one or two among digital retailers for new releases including over 30% of all UK digital ownership transactions for Gone Girl. Last week we announced that we have extended Buy & Keep to multiple devices – laptops, iOS and Android devices, and NOW TV, Roku and YouView boxes – meaning that anyone in the UK will be able to buy a movie from Sky.

      NOW TV continues to make great progress with subscriber growth up 30% on the same period last year, driven by the success of our NOW TV box and our brand re-launch in early March. Sports transactions have trebled with over 1 million year to date and included a record 36,000 on the day of the Liverpool vs Manchester Utd clash in March. Our Sky Online streaming services in Italy and Germany are building on our experience in the UK, with Italy set to launch its own Sky Online box in Q4 based on the same technology already deployed in the UK and Germany. Last week we also launched our IPTV service in Italy in partnership with Telecom Italia.

      ...

      Revenue

      Group revenues grew by 5% to £8,453 million (2014: £8,051 million). UK and Ireland revenues were up 6% to £5,824 million (2014: £5,490 million) and revenues in Germany were up 9% to £1,037 million (2014: £951 million). Revenues in Italy were resilient at £1,592 million (2014: £1,610 million) despite the challenging economic environment.

      ...

      Subscription revenues were up 5% to £7,280 million as we converted the healthy growth in customers (+947,000) and products (+4.6 million) over the past 12 months into ongoing revenues. Germany delivered the strongest rate of growth, up 10%, whilst the largest absolute revenue growth came from the UK, driven by increases in our customer base and selling more products, with further benefit from our September price rise. Subscription revenues in Italy were up £7 million as we held our customer base flat year on year and increased HD penetration alongside a Multiscreen price rise.

      Our fastest rate of growth was in transactional revenues, up 19% to £120 million driven by the early success of Sky Store in the UK which included incremental revenues this year from our Buy & Keep service launched in April 2014.

      Wholesale and syndication revenues were up 4% year on year to £406 million driven primarily by the strong performance in the UK due to rate increases under our new Virgin Media and TalkTalk contracts, and excellent growth in Sky Vision following good international demand for Fortitude and the acquisition of Love Productions...

      ...

      In the UK, advertising revenues were boosted by the continued strong performance of AdSmart alongside market growth from the pull forward of election marketing spend.

      ...

      Costs

      Group operating costs grew by just 3%, well below the rate of revenue growth, to £7,428 million (2014: £7,203 million) demonstrating excellent operating cost control whilst we continue to invest in content in all markets.

      ...

      Profit

      Group operating profit grew strongly, up 20% to £1,025 million (2014: £854 million) through excellent revenue growth combined with good control over our cost base. This resulted in a 150 basis point expansion in our operating margin.

      ...

      The UK continues to deliver the largest share of group operating profit growing by 14% to more than £1 billion whilst we saw a £43 million reduction in losses in Germany versus last year as we continue to translate strong subscriber revenue growth into an improved operating profit performance. Operating profit in Italy was up £5 million to £45 million demonstrating the continued resilience of the business in difficult economic conditions.

      ...

      CORPORATE

      Sky Bet

      On 19 March, Sky announced that it had closed the deal to sell a controlling stake in Sky Bet to funds controlled by CVC Capital Partners which resulted in a profit on disposal of approximately £600 million. Sky Bet is now presented as a discontinued operation.
      Note: Please click the link above for the full report


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      Re: Unaudited 3rd Quarter Results from Sky

      I notice sly old sky talk about subscriber revenue growth and not subscriber numbers growth

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      Re: Unaudited 3rd Quarter Results from Sky

      Very true, but then this is the financial results for the investors, not customers.

      Sadly they no longer make as much noise about subscription levels now that the results are for the whole of Europe, not just the UK & Ireland.

      Looking at other stories posted on this topic on other sites its interesting to note that UK & Ireland Broadband subscriptions have gone up just over 100k.
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      Re: Unaudited 3rd Quarter Results from Sky

      Quote Originally Posted by Scubbie View Post
      Very true, but then this is the financial results for the investors, not customers.

      Sadly they no longer make as much noise about subscription levels now that the results are for the whole of Europe, not just the UK & Ireland.

      Looking at other stories posted on this topic on other sites its interesting to note that UK & Ireland Broadband subscriptions have gone up just over 100k.
      OMG!!! Only 100k? I think, and I wish I could remember the exact biz term from my daughter's biz studies, their business seems to be in the plateau stage Lets pray for no decline as I suspect reaction would be to bump up prices....

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      Re: Unaudited 3rd Quarter Results from Sky

      Whilst Sky's subscription figures have always risen each year, last year was IMHO an exception. The large rise for Sky products was IMHO brought about from the addition of ex-Be & ex-O2 broadband customers.

      Whilst Sky has done well to retain the subscriber levels, the UK population continues to increase at a larger rate, which makes me believe that overall Sky's customer share of the potential market has actually dropped for all their products.
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      Re: Unaudited 3rd Quarter Results from Sky

      I like their tv product, but a bit frustrated you have to pay quite a lot (compared to virgin) for the fibre optic unlimited - and boy do I need unlimited with my use of on demand

      I think a lot of the immigrant population point their large sat dish somewhere else

     

     

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