Revenue falls seven per cent over nine months at BT

Revenue fell seven per cent to 13,468m pounds in the nine months to December 31st at BT Group, according to an interim statement issued by the telecoms company on Friday morning.

Revenue fell seven per cent to 13,468m pounds in the nine months to December 31st at BT Group, according to an interim statement issued by the telecoms company on Friday morning.

The update, which provided third-quarter results alongside the nine-month period to December 31st, showed mixed results.

Revenue in the third quarter slid 6.0% to £4,510m and underlying revenue excluding transit for the quarter was down 3.0%.

Earnings before interest, tax, depreciation and amortisation (EBITDA) - a widely used measure of company operating performance- rose 2.0% in the quarter to £1,548m and 1.0% to £4,508m over the nine months.

However there were differences between the adjusted and reported results on a number of measures.

Adjusted earnings per share were up 8.0% over the quarter to 6.6p comnpared to the reported earnings per share which declined by 2.0% over the same period.

Likewise, adjusted pre-tax profit rose 7.0% to £675m while reported pre-tax profit contracted by 4.0%.

Capital expenditure over both the quarter to December 31st and the nine months to December 31st both fell by 14% and 6.0% respectively.

Ian Livingston, Chief Executive Officer of BT Group, commented: "We have made progress in a number of areas and delivered solid financial results. These are in line with our expectations for the year, which remain unchanged."

He added: "More than 13 million premises can access our fibre broadband and we are passing around 100,000 additional premises every week. Take-up is growing strongly with around 1.25 million homes and businesses now enjoying the benefits of faster speeds.

"This gives us an excellent platform for our push into TV and Sport later this year. Our pre-season training is going well. We have secured attractive new content and world class production facilities at the Olympic Park and are building a strong team."

MF

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