BSkyB net profit up 12% to ?1.5 bn

MUMBAI: UK pay TV operator BSkyB‘s net profit rose 12 per cent to ?1.5 billion in the year ended 30 June 2012 on the back of a successful football season coupled with increase in subscriber numbers.

The satellite broadcasting, broadband and telephony services company partly owned by media baron Rupert Murdoch has seen its revenue go up by 3 per cent to ?6.7 billion. Operating profit before exceptional items rose 14 per cent to ?1.22 billion.

The company said it added 312,000 customers during the financial year taking the total number of subscribers to 10.6 million. Sky Broadband, the company‘s internet service provider, has a customer base of 4 million.

The company reported a 12 percent increase in the number of subscriptions to individual products, including line rental and high-definition television.

BSkyB revealed that it will return another ?500 million to shareholders via a share buyback.

The broadcaster said it had renewed several important media rights agreements during the year including Premier League, Spanish football, British and Irish Lions Club rights.

It had also launched an internet streaming service, Now TV, its second service to complement Sky Go and protect its turf from Netflix.

"I think it has been a quarter and a year again where we‘ve been strong across the board, so our operational performance has once again been very strong. We‘ve seen good growth right across our range of products and services, but I think we‘ve combined that well with further improvements in our customers‘ experience," said BSkyB Chief Executive Jeremy Darroch.

He also reflects on the impact that BSkyB has on the UK economy, "As a company, we‘re contributing something like ?5.5bn to UK GDP. We work directly with over 4,000 suppliers. We probably account for something of the order of 120,000 jobs in the UK and contribute over ?2bn of tax revenue. So I think our contribution is very, very strong."

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