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Broadband launch hits Sky profits | |
(10 minutes later) | |
Satellite broadcaster BSkyB has reported a fall in profits as a result of investment in services such as broadband and telephone land lines. | |
Pre-tax profits for the year to June fell 9% to £724m. Sky says its profits "reflect investment for future growth". | Pre-tax profits for the year to June fell 9% to £724m. Sky says its profits "reflect investment for future growth". |
Sky Broadband reported a net operating loss of £169m, but signed up 716,000 new subscribers. | |
BSkyB's operating profit fell 7% to £815m, but that was still better than analysts had been expecting. | |
BSkyB released its subscriber numbers earlier this month, which showed that subscribers had grown 406,000 to 8.58 million. | |
The growth was partly as a result of the row that led to some Sky channels being unavailable to Virgin Media. | |
Dividend increased | |
Wholesale subscription revenue, which is the money it receives from other broadcasters that show its channels, fell £16m. | |
Despite falling profits, Sky is increasing its dividend by 27% to 15.5 pence per share. | |
Chief executive James Murdoch said that the dividend growth reflected the company's confidence in the future. | |
"We are well placed to capitalise on the significant opportunities available to us," he said. |
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