A note to clients from investment bank Morgan Stanley suggests that pay-TV broadcaster BSkyB is to extend its share-buyback/cash return policy. The bank says that BSkyB has already spent about £550 million (€679m) of the £750 million it earmarked for buying back its own stock from investors. It bought back  another 23,000 shares early on July 11th for cancellation.

The clue, says the bank, is BSkyB’s increasing profits and EBITDA position. EBITA at the nine-month stage was up 15 per cent, and the bank forecasts this to rise to an underlying 15.7 per cent EBITA helped by growing subs numbers and ARPU.

BSkyB’s numbers will be released on July 26th.

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