Sky Sees Full-Year on Track After Strong 1Q

By Adria Calatayud Features Dow Jones Newswires

Sky PLC (SKY.LN) reported Thursday an 11% rise in Ebitda for the first quarter of fiscal 2018, and said it is on track to meet its full-year targets.

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The British media company, Europe's biggest pay-TV company, recorded Ebitda of 582 million pounds ($768.6 million) in the three months ended Sept. 30, compared with GBP524 million a year earlier. It generated revenue of GBP3.3 billion, up from GBP3.2 billion a year earlier.

Sky said like-for-like revenue, excluding non-recurring items and at constant currency, increased by 5% in the first quarter. The company said that 160,000 new customers joined the its platforms over the July-September period, up 51% year on year.

Sky also said it is on track to deliver its plans for fiscal 2018 as a whole. The company added that it continued to see good demand for its products and services, despite pressure on consumer spending and weaker U.K. television advertising.

21st Century Fox Inc. (FOXA), which already owns a 39% stake in Sky, announced last year plans to buy the remaining 61% for GBP11.7 billion, but the transaction is under the scrutiny of regulators. The U.K. Competition Authority said Tuesday that it plans to examine how the proposed takeover would affect media plurality and broadcasting standards in the country.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

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(END) Dow Jones Newswires

October 12, 2017 02:41 ET (06:41 GMT)