Oct 12, 2017

Opening Quote: Sky revenues higher as shares decline

From the point at which a full investigation became inevitable to this week's news that it will focus on Mr Murdoch's ability to influence Sky News and "The political agenda", the shares have fallen 8 per cent, to £9.16 - taking them 15 per cent below the offer price. Today Sky said like for like revenue in the three months to September 30 grew by 5 per cent, to £3.3bn, in constant currency terms - in line with the growth reported for the full year to June 30. Sky also reported 9.6m pay-as-you-go sports and entertainment transactions - an increase of 12 per cent. This morning, the group reported that travel revenues grew 9 per cent, helped by higher passenger numbers and the impact of a weaker pound. Overall, group revenues for the full-year to August 31 came in at £1.2bn - in line with analyst forecasts, and up 2 per cent on a reported basis or flat on a like for like basis.

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