Sharechat Logo

Sky Network Television Limited (NZX: SKT) Increases Guidance as Positive Trends Continue

Wednesday 3rd February 2021

Text too small?

Sky Network Television Ltd today announces a further increase in its earnings guidance for the 2021 financial year (FY21), building on the positive momentum outlined in its November guidance update.

The increased revenue and profit expectations for FY21 are due to further one-off cost savings, a second half management reforecast, ongoing cost control and continued improvement in satellite and streaming revenues.

“It is particularly encouraging to see improvements in our satellite customer loyalty alongside further growth in our streaming revenues. 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,” said Sky chief executive, Sophie Moloney.

Sky now expects FY21 revenue to be in the range of $695m-$715m (previously $680m-$710m), earnings before interest, tax, depreciation and amortisation (EBITDA) to be between $170m-$182.5m (previously $140m-$155m), and net profit after tax (NPAT) to be between $37.5m-$45.0m (previously $20m-$30m). Capital expenditure expectations remain unchanged at $45m-$55m.

Sky’s revised guidance includes the impact of the proposed sale of OSB assets to NEP New Zealand Limited, announced on 12 August 2020 and currently awaiting Commerce Commission approval. While timing remains uncertain, Sky is confident it will complete the sale process.

An increase in programming rights costs from 1 January 2021 and start-up costs associated with the launch of Sky Broadband (to support the anticipated future revenue uplift) will see EBITDA and NPAT weighted towards the first half of FY21.

Sky will provide further detail on its performance and strategic priorities at the release of its financial results for the six months ended 31 December 2020, on Tuesday 23 February 2021.

Please see the link below for more details:

Sky increases guidance as positive trends continue

Source: Sky Network Television Limited



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report