Sky has reported pre-tax profits up 7.5% over the past twelve months to the end of June and added more than 500,000 customers across Europe.
The positive results come as both US cable giant Comcast and entertainment group Disney go head-to-head in a bidding war for the satellite broadcaster.
Currently, Comcast is leading the race to buy Sky, with a bid that values the group at £26bn.
Sky is 39% owned by Twentieth Century Fox, the media group controlled by Australian media mogul Rupert Murdoch.
— Sky Corporate (@SkyCorporate) July 27, 2018
Fox has agreed to sell its entertainment assets to Disney, including its stake in Sky, and has entered into a bidding war with Comcast to purchase the 61% of Sky it doesn’t yet own.
Sky has nearly 23 million pay-TV subscribers in the UK and Ireland, Italy, Austria and Germany and would give Comcast a major foothold in the European market.
With broadcasters under increasing pressure from streaming platforms such as Netflix and Amazon, Sky is an attractive target with its range of exclusive deals for Premier League football as well as dramas such as Games of Thrones.
Additionally, Sky’s broadband and telephony mean there is scope to sell more services to customers who already subscribe to its pay-TV offerings.
“We’ve ended the year strongly with a good set of plans for the year ahead,” Jeremy Darroch, Sky’s chief executive said.
“The opportunity ahead in all of our markets is considerable, so we’re nowhere near the headroom where we’ll naturally run out of growth,” he added.