BT Group (BT.L) today announces its results for the first quarter to 30 June 2010. Unless otherwise stated, the changes in results are year-on-year against the first quarter to 30 June 2009.
Key points:
* Revenue of £5.006 million, down 4%
* Operating costs (1) reduced by £291 million
* Adjusted EBITDA (2) of £1.399 million, up 6%
* Adjusted profit before tax (2) of £446 million, up 17%
* Adjusted earnings per share (2) of 4.4p, up 16%, reported earnings per share of 3.7p, up 32%
* Free cash flow of £415 million, up £537 million
* Net debt of £8.9 billion, down by more than £1.6 billion
* Fibre roll-out passes over 1.5 million UK premises in July
* Full year outlook remains unchanged
Ian Livingston, Chief Executive, commenting on the first quarter results, said: “We have made an acceptable start to the year, delivering improved financial results while investing in the future of the business. In TV, we are offering great value premium sports packages and can now compete on a more even playing field. We hit the first major milestone in our fibre roll-out, passing over 1.5 million premises, and we are now running at an average rate of around 100 000 premises passed every week. In BT Global Services, we continue to win significant contracts due to our ability to deliver a world-class service to our customers.
“Despite the challenging environment, these financial results underpin our outlook for the full year.”
1 Before specific items, depreciation and amortisation
2 Before specific items
Please click here to see BT's financial table
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