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BSkyB's interim profits for 2013 down 9% BSkyB's profits dented by costly football rights
(35 minutes later)
BSkyB has reported a 9.2% fall in pre-tax profits from £610m to £554m for the second half of 2013. BSkyB reported pre-tax profits fell 9.2% from £610m to £554m for the second half of 2013, partly due to a new £760m deal to show Premier League football.
The broadcaster said that the dent in profits was partly due to a new £760m deal to show Premier League football. A continuing payment of £70m on BSkyB's "connected TV services", where TVs are linked to the internet and mobile phones, also hit profits, it said.
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.
BSkyB lost the rights to show Champions League and Europa League matches to BT Sport in November 2013.BSkyB lost the rights to show Champions League and Europa League matches to BT Sport in November 2013.
The fall in BSkyB's profits comes as competition from BT and TalkTalk intensifies. However, shares in the broadcaster rose 6% as the results beat forecasts.
News of strong growth in its on-demand and mobile use, and an increase in the dividend, also helped push the shares higher.
But the company said it was "on track with our plans for the year".But the company said it was "on track with our plans for the year".
'Many strands'
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."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.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."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.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 [second quarter] 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".He said BSkyB would work with its new US partner, HBO, to co-produce a "major new cinematic drama series".