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Sky to create 300 tech jobs as profits slip

Operating profit has fallen by six per cent to £1.47 billion for the year to June 30th

Sky says it plans to create 300 new technology jobs in Leeds, London and Milan despite news its operating profit has fallen by six per cent to £1.47 billion for the year to 30th June.

Sky plc said that ‎revenue during the year had risen by ten per cent on a constant currency basis to £12.9 billion as it continued to expand its range of products across the countries in which it operates.

Earnings before interest, tax, depreciation and amortisation fell by three per cent to £2.14 billion.

Sky said the drop in operating profit was down to a rise in the cost of broadcasting live Premier League football.

Sky’s chief executive, Jeremy Darroch, described the performance as “strong” despite “market headwinds”.

He added‎ that the £97 million fall in operating profit was “excellent” in the context of an additional £629 million of Premier League rights costs.

Looking ahead, Darroch said the media group would be increasing its investment in original programming by 25 per cent during the year.

Darroch said the 300 new jobs would focus on enhancing Sky’s ability to “deploy in and out-of-home streaming platforms”.