Sky and BT shares leap after a profits booster

Sky and BT have provided cheer to investors as shares in the broadband and broadcast rivals rose 7% and 3% in a falling stock market on strong figures.

Sky saw annual operating profits increase by 12% to £1.6 billion and promised further strong growth and extra cost cuts in the year ahead.

It also announced a bigger push in Sky Germany with the launch of Masterchef there and rights to most of the Bundesliga through until 2021.

BT’s first-quarter results saw profits rise 16% to £802 million, largely reflecting the benefits of its £12.5 billion takeover of mobiles group EE in January.

It starts a larger package of Premier League games in two weeks’ time with its key match shifting from the Saturday lunchtime to Saturday teatime slot, which attracts around twice as many viewers.