Sky TV reports strong full year result boosted by several one-time items
The pay TV operator's net profit to June was $59.4 million, more than twice the previous year, in part reflecting its bargain $1.00 purchase of Discovery NZ.
Pay TV provider Sky has announced a robust full year result, significantly influenced by a series of one-time events, such as the acquisition of Discovery NZ for a mere $1.00. In her statement, Sky's chief executive Sophie Moloney expressed that the company is now a larger, more diversified entity with an increasing digital presence and a broader audience reach.
This growth is already bearing fruit, as Sky now caters to a larger New Zealand audience across paid, free-to-air, broadcast, and digital platforms, offering viewers more choice and advertisers a single integrated platform to reach diverse audiences. Sky's net profit for the year ended June reached $59.4 million, nearly double the $20.6 million of the previous year, with underlying net profit up by 2 percent at $41.8 million, excluding the $31.4 million gain from the Discovery acquisition.
Despite this strong performance, Moloney anticipates that trading conditions will stay challenging for the first half of the next full year ending June 2027, with the economic recovery's timing and strength remaining uncertain. Sky is forecasting full year revenue between $825 million and $840 million, with an underlying profit expected to be between $155 million and $165 million.
The company will pay a full year dividend of 32 cents per share, and it expects to pay at least 35 cents per share for the current year ending June 2027. Additionally, Sky has signed a six-year extension deal with the Premier League, including coverage for two seasons beyond their current agreement and additional coverage until the end of the 2033/34 season.
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