Sky grows EBITDA by 11% despite lower ad spend

07:31 12/10/2017 - Sky grew its like-for-like revenue by 5% to £3.3 billion in the first quarter, with EBITDA rising 11% to £582 million.

Despite pressure on consumer spending and lower spend in UK television advertising, Sky's Established Business EBITDA rose by 15% to £606 million.

160,000 new customers joined in the first quarter, up 51% from a year ago, and over 800,000 subscription products were added.

Pay-as-you-go sports and entertainment buys grew by 12% to 9.6 million.

Viewing to Sky channels was up 10% year on year.

The first series of Sky's home-grown drama Riviera achieved 20 million downloads, becoming its highest ever rated Original commission, and Game of Thrones became the most watched series ever on Sky.

In Germany & Austria, revenues were up 8% and EBITDA was up 35% to £23 million despite a £30 million increase in Bundesliga costs as Sky commenced a new four year rights contract.

In Italy, revenues rose by 2% on a like-for-like basis and EBITDA was up 8% to £107 million, the highest for five years.

Jeremy Darroch, group chief executive, said: "Looking ahead, despite the uncertainty in the broader consumer environment, we remain on track with our plans and enter the busy Q2 trading period focused on delivering our clear strategy for growth."

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