Premier League cost forces Sky UK profit down -14%

27 Jul 2017  |  Ellen Hammett 
Premier League cost forces Sky UK profit down -14%

Sky's UK and Ireland profit was down -14% year-on-year, according to its latest financial report, while overall group operating profit was down -6%.

For the 12 months to the end of June 2017, UK profit fell from £1.5 billion the previous year to £1.29 billion, while group profit declined from £1.57 billion to £1.47 billion - which Sky says was a result of absorbing the £629 million cost of the Premier League.

Profit for Germany and Austria, however, was up 900% year-on-year to £40 million, while Italy was up 139% to £136 million.

Meanwhile, group revenue was up 5% over the year to £12.92 billion.

"We enter 17/18 in a strong position with significant growth potential," said Sky's chief executive, Jeremy Darroch.

"Despite the broader consumer environment remaining uncertain, we are confident of delivering on the plans we've laid out as we continue to give our customers the best content, great products and industry leading service."

Sky added 686,000 new customers during the period to 22.5 million, with Germany reaching the five million mark in July.

Over the next 12 months, Sky said it will increase its investment in original content by 25%, while Sky Q is set to roll out across Italy, Germany and Austria.

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