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maxping
Taken the most interesting bits from the PDF (link below to those who would like it),
�Interim Management Statement and Results for the three months
ended 30 September 2007.
� New customer additions of 327,000 in the quarter
� Net customer growth of 83,000 to 8.665 million
� Strong growth in additional products from the previous quarter
- Record Sky+ growth of 323,000 to 2.697 million, up 14%
- HD growth of 66,000 to 358,000, up 23%
- Multiroom growth of 68,000 to 1.411 million, up 5%
- Sky Talk growth of 153,000 to 679,000, up 29%
� Overall product sales of over 1.2 million, up 86% on the comparable period
� Sky Broadband passed one million customers during October
OVERVIEW
We are pleased with the start that we have made to the year. In a highly competitive
environment, we saw the highest first quarter new DTH customer additions for four
years, a further reduction in churn and record first quarter total product sales. Sky
Broadband passed the one million customer milestone in October. We continue to focus
on the successful execution of our plans.
Better choice, quality and value have continued to attract new customers and to increase
the numbers of products chosen by our existing customers. This quarter has seen:
� A near doubling of total product sales from last year to over 1.2 million;
� Record quarterly Sky+ growth of 323,000;
� Strong Multiroom and Sky HD customer growth; and
� Sky as the fastest growing UK broadband and telephony provider
Net DTH customer growth of 83,000 reflected good new DTH customer additions and,
despite retail price changes, a further improvement in churn to 11.3%, the lowest for
five quarters.
Our financial performance for the quarter reflected strong top-line growth and our
investment for future growth. Total revenue increased by 11% to �1,185 million.
Operating profit of �143 million included a full first quarter�s investment of �51 million
in Sky Broadband and Sky Talk, and �6 million in Easynet Enterprise, as well as
exceptional legal costs of �7 million. Excluding these items, underlying operating profit
of �207 million was strong. As expected, subscription revenue growth was offset by the
impact of the new Barclays Premier League contract and the non-renewal of the
agreement to supply our basic channels by Virgin Media. Customer demand for Sky+ and
Multiroom upgrade volumes was very strong, and while this incurred short term cost, it
will bring important future benefits through higher ARPU and reduced churn. We expect
that the performance for the full year will be in line with our plans.
James Murdoch, Chief Executive said:
�We�ve seen continued good demand from customers for our entire product range, with
over one million product sales for the fourth consecutive quarter. Sky+ has been
exceptional, growing faster than ever before - and is now enjoyed by almost one third of
Sky TV customers.
�We launched Sky Broadband in the belief that customers would respond to quality and
value, and they have. After just 14 months over one million customers have chosen Sky
Broadband, and growth continues.
�As expected, our financial performance reflected strong product sales, our investment
in high quality programming and a full quarter of investment in Sky Broadband and Talk.
We expect that performance for the full year will be in line with our plans.�
Link to PDF, http://media.corporate-ir.net/media_...ease011107.pdf
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Edited by maxping (Sun 04-Nov-07 14:05:27)