Shares in BSkyB leapt when the market opened this morning, with the good news seeing a 5.24% rise to 623p, up 31p on yesterday's close. Earnings before interest, tax, depreciation and amortisation at £272.7m were significantly higher than the £253m analysts had forecast.
Sky added 214,000 subscribers over the last quarter to bring its subscriber base up to 6.1m. Average revenue per user also rose significantly -- up 11% to £347, excluding the one-off special of Lennox Lewis versus Mike Tyson, which would bring ARPU up to £352.
In its final results for the year ending June 30 2002, BSkyB said that operating profits had increased by 20% to £192m, and net debt was down by £165m over the last quarter to £1.5bn.
However, advertising revenue suffered a 7% decrease to £251m.
Tony Ball, chief executive of BSkyB, said: "With 6.1m subscribers and 11% growth in revenue per subscriber to £347, we are on track to meet our targets of 7m subscribers and £400 ARPU. This has generated strong operating profit growth and positive free cashflow. We will continue to focus on profitable growth in the coming year."
In its statement, BSkyB also said that it had replaced Arthur Andersen as its auditor with immediate effect. It will now be using Deloitte & Touche.
BSkyB now supplies 25% of UK homes with satellite TV services and has seen its grip on British football strengthened following the collapse of ITV Digital. It stepped in with a £95m bid to take over the coverage of the Football League, adding to its Premiership coverage.
The group was also part of a successful bid to take over the digital licences previously held by ITV Digital, along with the BBC and Crown Castle. Sky will now provide three of its channels -- Sky News, Sky Sports News and Sky Travel -- free to air for the platform.
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