BSkyB today announced financial results for the year ending 30 June 1998 at a packed Queen Elizabeth Centre, London. It revealed that there was a turnover of £1.434 billion and an operating profit of £340.6 million. Pre-tax profits for the quarter fell to £52 million, while earnings per share dropped 14% to 14.5p.
The media giant also announced that it is recruiting 1200 more staff to deal with the demand for its new digital service, launched early this month (see Newsline). It has already signed up 100,000 subscribers, and was optimistic about reaching its target 200,000 subscribers by Christmas.
BSkyB is still awaiting the final go-ahead to purchase Manchester United football club after yesterday’s decision by Trade and Industry Secretary Peter Mandelson to refer the deal the MMC (see BSkyB Bid Goes To MMC). BSkyB denied that it is looking at any over sports related takeovers.
BSkyB also announced that it is still in negotiations with ITV to carry the channel on it’s digital service and that it is currently in talks with Formula 1 supremo Bernie Eccleston about the future rights to the Formula 1 World Championships.
BSkyB: 0171 705 3000
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