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BSkyB posts £127m lossBSkyB posts £127m loss
Media giant says revenues up but profits are down
British Sky Broadcasting (BSkyB) has posted a £127m loss for the year to the end of June 2008.
The TV and telecoms giant said turnover had risen nine per cent to £4.95bn, with an 11 per cent hike in retail subscription revenue to £3.8bn.
BSkyB’s gross profit margin slipped from 66.2 per cent last year to 65.4 per cent, while underlying operating profits fell 11 per cent to £724m.
The group’s £127m loss compares with a £499m profit in 2007. BSkyB was hit this year with a £616m available-for-sale impairment on its investment in terrestrial broadcaster, ITV.
Adjusted earnings per share fell five per cent to 25.1p, while the full year dividend for shareholder rose eight per cent to 16.75p.
The group said sports costs rose by £87m year on year to £929m, driven by the start of the new FA Premier League contract.
Jeremy Darroch, BSkyB’s chief executive, said: “We have continued to grow strongly in a more difficult consumer environment. More customers are choosing Sky for a broader range of products and are staying with us for longer.
“While there is much uncertainty around the consumer environment, there remains good headroom for profitable growth in our core sectors.
“We are well equipped to meet customers' demands for quality, choice and value, and we have a strong financial model to deliver growth and returns.”
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