Wednesday 11th November 2020
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Sky increases guidance after continued better-than-expected performance
Following the recent completion and board discussion of a detailed reforecasting exercise after the results for the first four months of Financial Year 2021 became available, Sky Network Television Limited (SKT) announces that it is increasing its Financial Year 2021 revenue and profit guidance as a result of a positive start to the financial year, higher than expected growth in its direct satellite customer base and tight cost control.
Sky has delivered six consecutive months of growth in direct satellite customers (not including reseller subscribers), driven by an improvement in Financial Year 2021 year-to-date annualised churn to 12.2% (down from 13% in FY20, and 15% in FY19).
The improvements have been achieved through Sky’s enhanced customer management processes and revitalised sales efforts, and reinforces Sky’s value proposition as a ‘one stop shop’ for entertainment and sport content. Sky has also achieved greater-than-expected growth in streaming revenue, particularly from the newly merged Neon entertainment platform.
As a result of the above factors, Sky is increasing its revenue guidance range for Financial Year 2021, which is now expected to be $680m-$710m (previously $660m-$700m).
In providing this improved outlook, Sky notes that the guidance is subject to no adverse change in operating conditions, including future economic impacts flowing from COVID-19.
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