BSkyB profits surge as £750m share buyback looms

Crispin Odey favourite BSKyB saw profits surge in the first quarter of its financial year, despite continuing pressure on consumers, as it prepares to buy back £750m of shares.

The media group saw adjusted operating profit up 16% to £295m, and revenue growth of 9% to £1.66bn. Adjusted basic earnings per share rose 20% to 11.6p, and free cashflow climbed 39% to £96m. BSkyB also reported strong growth in its customer base and products, up 77,000 and 683,000 respectively, with improvements across its product mix, including TV, broadband and telephony. At an AGM on 29 November, the board of BskyB will seek approval to return £750m of capital to shareholders via a share buyback programme it announced in July. The group previously said it would increase dividen...