BSkyB Reports Exceptional Annual Profits

BSkyB has recorded exceptional annual profits in its end of year financial report.

The satellite TV group has said that the good results are thanks to a one-time gain from a lawsuit it had filed against Electronic Data Systems and the increased demand for its high definition services.

Sky announced that it added 90,000 new customers over the last quarter and between April and June the company added 429,000 new HD TV subscribers.

According to The Wall Street Journal, the company reported a net profit of £336 million, up from the £90 million it had reported last year.

BSkyB's revenue rose by 12 per cent, from £1.36 billion recorded last year, to end up at £1.53 billion.

In a statement, CEO Jeremy Darroch said: “The economic outlook remains uncertain and, against that backdrop, we'll pursue the consistent set of priorities that have served us well so far. Executing on these plans will build a larger, more profitable business for the long term."