Hard times in the City hit BT

Telecommunications titan BT saw underlying earnings grow year-on-year in the April to June quarter despite its corporate customer-focused Global Services unit having a tough time of it in Europe and London's financial district.

Telecommunications titan BT saw underlying earnings grow year-on-year in the April to June quarter despite its corporate customer-focused Global Services unit having a tough time of it in Europe and London's financial district.

Adjusted profit before tax in the first quarter of the group's financial year rose 8% to £574m from £533m the year before. Reported profit before tax rose 13% to £584m from £517mm while underlying earnings before interest, tax, depreciation and amortisation (EBITDA) edged up 2% to £1,463m from £1,436m in the corresponding quarter of 2011.

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