Results round-up

FTSE 100 subscription broadcaster Sky reported strong growth in customer numbers on Thursday, claiming it surpassed the 40 million home mark in the UK and Ireland.

It wasn't immediately clear how it came to this figure, however, as according to the most recent official statistics the UK contained just 27 million households and Ireland 1.7 million.

The group said 177,000 new customers signed up to its services in the third quarter to 31 March, with 686,000 more products in Sky homes.

Revenue in the first three quarters was up 5% to £8.72bn, with profit rising 12% to £1.14bn - an all-time record nine month profit.

Its largest category, subscription revenue, was up 4%, while transactional revenue was the fastest-growing segment with revenue up 21% to £141m. It put this down to continued strong performance of the Sky Store, growing demand for NOW TV sports passes and three major pay-per-view boxing events.

Its commercial arm was also continuing to grow, with programme and channel sales revenue up 18% and advertising revenue up 7%.

"It's been another strong quarter for Sky. Our strategy to broaden our business, expanding into new markets and customer segments, has delivered further excellent financial results with revenue up 5% and a double digit growth in profit,” said group chief executive Jeremy Darroch.

"We want to offer customers the very best TV experience, whenever and however they want to watch. With the launch of Sky Q in February, we now have three outstanding products to meet all our customers' needs.”

Acacia Mining reported better first-quarter gold production than forecast and a 24% rise in earnings before interest tax, depreciation and amortisation to $66m that almost hit targets thanks to an increase in revenue and lower cash costs.

Production reached 190,210oz at cash costs of $693 per oz, better than consensus forecasts for 179,000oz, at $734/oz.

All-in sustaining costs (AISC) were $959 per oz, lower than the consensus $1,020/oz.

This was the best cost performance since 2010, pointed out chief executive Brad Gordon.

Revenues of $221m, up 3% on the same period last year, were generated from sales of 184,000oz of gold, generating EBITDA that was only fractionally short of the consensus $66m forecast.

Net earnings per share of 4.4 cents were up 69% year-on-year and ahead of 4.1c forecasts.

“All three operations performed ahead of expectations leading to a $19m increase in our net cash position, after making our first prepayment of corporate tax amounting to $10m," Gordon said.

Acacia, which changed its name from African Barrick Gold in 2014, increased net cash by $19m to $124m by the period end, including cash of $237m, after lower than expected capex of $36m.

A net loss of $52m was due to a $70m tax additional provision due to the ongoing tax disputes in Tanzania.