BSkyB’s CEO Jeremy Darroch has told a group of bankers that despite the tough economic conditions in the UK he still anticipated growth, and would also consider returning cash to shareholders when appropriate. Speaking at a Morgan Stanley event in Barcelona, on November 16, he said “I think there are going to be some more headwinds, but conversely I think we are also starting to see people spend a bit more time in the home,” Darroch added. “Relative to the choices people make, I think we’re in a good place.”
He also said he did not expect ‘cord cutting’ to take hold in the UK. “I see a positive outlook,” Darroch said. “I think we’ll continue to grow the business well. There’s loads of opportunity in this market. There’s a long way to go. We need to keep building for the future so that when the markets are more favourable, we’re in an even better position. And we need to manage the efficiency of the business.”
Darroch also highlighted the positive impact of the falling away of its incremental investment in broadband and HD, its operating efficiencies, the flexibility of its cost base and the beneficial impact of continued mid-to-high single-digit revenue growth.