Full Year 2024 SKY Network Television Ltd Earnings Call Transcript
Key Points
- Sky Network Television Ltd (ASX:SKT) delivered all metrics within guidance, with revenue at the lower end.
- The company achieved a third year of revenue growth despite economic pressures.
- Strong free cash flows funded significant dividend growth, well above the increase signaled at the half year.
- Employee engagement lifted by 12 points, and customer NPS increased by 6 points.
- Sky Sport Now and Sky Broadband showed strong performance, contributing to a 1.6% overall revenue increase.
- Full-year revenue growth was not as high as desired due to economic pressures.
- Customer numbers for Neon and Sky Box were below expectations.
- Revenue from Sky Box and Neon declined, impacting overall revenue growth.
- Churn rates increased, particularly in the second half of FY24.
- The company had to reset its revenue growth target to 1%-2% per annum through to FY26 due to stronger-than-expected headwinds.
(spoken in foreign language) Hello, everyone, and welcome to Sky's 2024 annual results briefing. Thank you for taking the time to join today's call. I'm Sophie Moloney, your Chief Executive here at Sky, and I'm pleased to be joined today by Ciara McGuigan, Sky's Chief Financial Officer.
I will start today's presentation with an overview of what we've achieved in FY24, followed by a look at our performance in key parts of the business. Ciara will then take you through the numbers in more detail before I take you through our capital management program and the outlook for FY25. We'll then hand back to the operator and open the lines for your questions.
So turning to the year-end highlights. That's a solid result for Sky with all metrics delivered within guidance, albeit with revenue at the lower end. In the context of the economic environment and the media sector as a whole, the business has performed well.
It will come as no surprise that household spending has been under immense pressure during the second half
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