Sky Reports £253m Profit Turnaround, Shifts Focus Away From Tech
Sky has announced a shift in focus and a significant turnaround in profits. The company's revenue for the year reached £10.3 billion, a slight increase from previous years. Notably, Sky has reported a pre-tax profit of £253m for its 2024 financial year, a stark contrast to the £773 million loss in 2023.
As part of this strategic shift, Sky will concentrate on its existing services rather than developing new technology platforms. This includes services like Sky Glass and Sky Stream television. The decision to refocus comes after a review of the company's operations, although it remains unclear who made this decision.
Consequently, Sky has announced plans to make around 600 tech roles redundant. The company will begin a consultation with 900 staff across its UK sites. This restructuring also involves moving more tech functions to international teams.
Sky's revenue increase and profit turnaround are positive signs for the company. However, the refocusing of operations and the resulting job cuts may indicate challenges in the tech sector. Sky's international teams are set to gain more responsibility as part of this restructuring.
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