BSkyB Sees Full-Year Profit Up 9% To £1.33bn

BSkyB, the owner of Sky News, has announced a 9% rise in full-year operating profit to £1.33bn.

Revenue for the entertainment and home communications company was up 7% to £7.235bn.

The company saw paid-for product growth of 3.3 million, taking the total to 31.6 million subscriptions, as customers increasingly add products including broadband, HD TV and Sky Go Extra.

It also saw a 170% rise year-on-year in the number of connected Sky+HD boxes - which give access to on-demand television - to 2.7 million units.

There was a fivefold increase in On Demand downloads and a 200% growth in Sky Store video rentals.

BSkyB has reaffirmed a commitment to original content

The broadcaster also unveiled a budget £9.99 Now TV box, which wirelessly connects a TV to a broadband connection, giving contract-free access to BBC iPlayer, Demand 5, Sky News and Now TV.

Through Now TV, viewers can also pay to watch Sky Sports and Sky Movies. It also allows people to catch up on previously-broadcast programmes.

BSkyB said it now has 10.42 million pay TV subscribers and 4.9 million broadband customers.

The company has also announced a £500m share buyback and an 18% increase in the dividend.

Chief executive Jeremy Darroch told Sky News: "We are delighted with the results today."

"The economy is a challenge and it is providing head-winds for all consumer businesses."

Team Sky rider Chris Froome won this year's Tour de France

Mr Darroch said: "Against that backdrop, we have a strong set of plans that will extend our leadership in core areas - onscreen, in home communications, and in front-line service delivery; accelerate growth in new services; and improve efficiency to build a bigger, more profitable business for shareholders."

He added: "On the back of this performance, we are increasing returns to shareholders with the ninth consecutive rise in the ordinary dividend and we intend to seek approval for a further £500m of share repurchases."

BSkyB said it will continue to expand its plans for original content, including a big step up in commissioned drama.

The number of entertainment shows with an audience of more than 1 million has risen 200% during the last two years.

The company also has an ongoing commitment to British Cycling, taking the partnership up to and including the 2016 Olympics.

Team Sky won back-to-back Tour de France cycling races, in 2012 and 2013.

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