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BSkyB's interim profits for 2013 down 9% BSkyB's interim profits for 2013 down 9%
(about 3 hours later)
BSkyB has reported a 9.2% fall in pre-tax profits from £610m to £554m for the second half of 2013.BSkyB has reported a 9.2% fall in pre-tax profits from £610m to £554m for the second half of 2013.
The broadcaster said the fall was due to higher Premier League costs and investments in encouraging people to buy "connected TV services". The broadcaster said that the dent in profits was partly due to a new £760m deal to show Premier League football.
It said: "We remain on track with our plans for the year." An ongoing payment of £70m on BSkyB's "connected TV services", where TVs are linked to the internet and mobile phones, also hit profits, it said.
In November 2013, BSkyB lost the rights to show Champions League and Europa League matches to BT Sport. BSkyB lost the rights to show Champions League and Europa League matches to BT Sport in November 2013.
BSkyB's profit was also impacted by increased competition from BT and TalkTalk. The fall in BSkyB's profits comes as competition from BT and TalkTalk intensifies.
But it reported higher sales of high-definition TV services, on-demand movies and box-sets at Christmas. But the company said it was "on track with our plans for the year".
Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: "Analysts have tended to concentrate on one aspect of the business, namely the threat of BT both in the sports offering and also its increasing strength in broadband."
But he said that since BSkyB had "so many strands" of business, it had enough money elsewhere to pick up the slack.
"It is, I believe, trying to rely less heavily on the football package part of its business," he said.
BSkyB said it added 42% more subscriptions in the three months to 31 December than the same period a year earlier.
Jeremy Darroch, chief executive at BSkyB, said: "In a consumer environment that remains challenging, customers continued to take Sky products in ever-greater numbers in the run-up to Christmas, with Q2 growth up by over 40% on last year."Jeremy Darroch, chief executive at BSkyB, said: "In a consumer environment that remains challenging, customers continued to take Sky products in ever-greater numbers in the run-up to Christmas, with Q2 growth up by over 40% on last year."
He said BSkyB would work with its new US partner, HBO, to co-produce a "major new cinematic drama series".