Sky TV revenue rose but overall customer numbers fell. Photo: RNZ / Dan Cook
Sky Network Television has posted a steady full-year result amid a turbulent period for the wider sector.
Key numbers for the 12 months ended June 2024 compared with a year ago:
- Net profit $49.2m vs $51.1m
- Revenue $766.7m vs $754.3m
- Expenses $697.4m vs $683.3m
- Dividend 19 cents per share vs 15 cps
Profit fell 4 percent, which the company put down to increased depreciation costs associated with new products, and offset a slight rise in underlying earnings.
Revenue rose 2 percent as streaming, broadband and advertising income improved and offset content challenges affecting its streaming service, Neon, and the Sky Box.
Overall customer numbers fell 7.5 percent to 939,000.
"These overall numbers were impacted by events beyond Sky's control, such as the lack of acquisition driving content supply for Neon due in part to the US writers' and actors' strikes, and the cost-of-living challenges for many New Zealanders," the company said.
Sky also slowed down marketing of its new Sky Box to finish improvements.
Chief executive Sophie Moloney said she was pleased with the result, which came in a "tough environment".
"Today's results are particularly gratifying given the tough environment we are operating in. They are the result of a lot of hard work from the talented Sky team, and they reinforce the strength of the Sky strategy to maximise the value of our unrivalled content across multiple products," she said.
Sky forecast further revenue growth for 2025 and profit guidance was in the range of $40 million to $55m.
Earlier this week, Sky revealed it was working on back up arrangements as its planned move to a new satellite to deliver some of its services would be delayed.
Sky was looking for alternative satellite connections and speeding up the new, internet-connected Sky Box and IP-only Sky Pod to minimise disruption.
It said the changes would mean costs being brought forward to its 2025 financial year from 2026, but satellite provider Optus would provide support.
