Sky TV upgrades profit guidance

Sky Television has boosted its earnings and profit guidance for 2021 after a better than expected start to the year.

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Sky TV expects full year net profit of $695m-$715m after a better than expected start to the year.
Photo: Supplied / Richard Parsonson

The pay TV company attributes its second upgrade in as many months to better revenue from satellite and streaming services, tight cost control and one-off savings.

It expects its full year revenue would be up marginally on its November forecast to between $695 million and $715m, up from $680m-$710m

That would flow through to a net profit of $37.5m-$45m compared to the previous forecast of $20m-$30m.

“Reducing Sky’s ongoing operating costs remains in sharp focus while we continue to deliver the content that our customers value in ways that work for them,” Sky Television’s chief executive, Sophie Moloney said.

The updated guidance accounts for the proposed sale of its outside broadcast subsidiary (OSB) to US-based firm NEP.

The Commerce Commission is reviewing the sale amid competition concerns but Sky TV is confident it will be approved.

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