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BT Group (BT.A)

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Bouleversee
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Re: BT Group (BT.A)

#466043

Postby Bouleversee » December 15th, 2021, 12:53 pm

Agreed, and I thought there was another possible suitor lurking in the background but they would have to get past Nadine Dorries first. Nevertheless, I should have thought another big purchase would have supported the price though one swallow doesn't make a summer. BT is yet another of my disappointing holdings and it would be nice to recover my losses but without a foreign takeover. I don' t understand how Arm's was allowed to go through.

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Re: BT Group (BT.A)

#466840

Postby csearle » December 17th, 2021, 5:08 pm

Breelander wrote:Altice's statement regarding BT Group plc

Altice UK has restated its position to the Board of BT that it does not intend to make an Offer for BT and will be bound by that statement for the purposes of Rule 2.8 of the UK's Takeover Code.
https://www.investegate.co.uk/altice-uk ... 00065125V/
So if I've understood it correctly Altice UK are saying they won't be taking over the company within the next six months but, roughly, if any other kind of takeover activity becomes evident then they just might anyway. C.

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Re: BT Group (BT.A)

#478196

Postby idpickering » February 3rd, 2022, 7:28 am

3rd Quarter Results

BT Group plc (BT.L) today announced its trading update for the nine months to 31 December 2021.

Strong operating momentum delivered by record customer experience and FTTP build:

• Reached agreement in principle with Sky for a new longer-term reciprocal channel supply deal to beyond 2030

• Separately, entered exclusive discussions with Discovery to create a joint venture with BT Sport and Eurosport UK

• Delivered record FTTP build of 662k at an average rate of over 50k per week in the quarter with footprint now at 6.5m, including 2m rural premises

• FTTP take up accelerated to 1.5m premises driven by Openreach's Equinox offer

• 5G ready customer base over 6.4m; 5G now covers more than 40% of the UK population

• According to RootMetrics, EE again has the UK's best 4G and 5G networks

• Highest ever NPS result for BT Group

Continued EBITDA growth with revenue challenges due to delayed Covid-19 recovery and supply chain issues1:

• Revenue £15,676m, down 2%; declines primarily in Global and Enterprise partly offset by growth in Openreach; adjusted2 revenue down 3%

• Adjusted2 EBITDA £5,708m, up 2%; driven by tight cost management, lower indirect commissions and higher revenue from Ethernet and fibre-enabled products, partly offset by declining revenue in Global and Enterprise

• Reported profit before tax £1,537m, down 3%, primarily due to higher finance expenses and depreciation and amortisation, partly offset by increased EBITDA

• Normalised free cash flow2 £878m, up 6%, primarily due to increased EBITDA, lower cash tax payments and improved working capital, offset by higher cash capital expenditure and one-off items in the prior year

• Capital expenditure up 24% to £3,752m, primarily due to investment in spectrum, FTTP and mobile network

• Group adjusted2 revenue now expected to be down around 2% for FY22 as a result of Covid-19 and supply chain issues; all other outlook metrics unchanged


https://www.investegate.co.uk/bt-group- ... 00045384A/

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Re: BT Group (BT.A)

#478278

Postby idpickering » February 3rd, 2022, 12:43 pm

BT Group enters exclusive negotiations with Discovery, Inc. to create new sports joint venture.

Following a detailed process to identify the best way to generate investment and strengthen our Sports business, BT Group today announced that it has entered exclusive discussions with Discovery, Inc. on a deal to create a new sport and entertainment offering for customers in the UK.

The new business would be a 50/50 joint venture, bringing together BT Sport with Eurosport UK. The new combined business would remain committed to retaining BT Sport's existing major sports broadcast rights while BT Sport customers would get access to Discovery's sport and entertainment content, including the discovery+ app.

BT Group are aiming to conclude the exclusive discussions with Discovery, Inc. in early Q1 for the new company to be operational later this year, subject to completion of the deal and approval by the relevant competition authorities.

Marc Allera, CEO BT Consumer, said: "The proposed joint venture with Discovery, Inc. would create an exciting new sports broadcasting entity for the UK and would act as a perfect home for our BT Sport business. With a shared ambition for growth, as well as the combination of our world class sports assets along with Discovery's premium sports and entertainment content, our customers will benefit from even more content in more places."


https://www.investegate.co.uk/bt-group- ... 00075387A/

idpickering
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Re: BT Group (BT.A)

#499986

Postby idpickering » May 12th, 2022, 7:16 am

Results for the full year to 31 March 2022.

Strong progress in strategic priorities:

• Positive leading indicators: Highest ever BT Group NPS results; low Ofcom complaints; churn near record lows

• BT Group and Warner Bros. Discovery agreed to form a new premium sports joint venture bringing together BT Sport and Eurosport UK

• Agreed with Sky a new longer-term reciprocal channel supply deal beyond 2030

• Openreach signed a MoU on a framework with Sky on FTTP co-provisioning; Sky engineers to complete the majority of their FTTP in-premises provisioning activities on Openreach's FTTP network

• FTTP footprint at 7.2m with annualised Q4 build rate of over 3m premises; take up of 1.8m driven by Equinox

• 5G network now covers over 50% of the UK population; our 5G ready customer base is over 7.2m and EE is once again named as having the best 5G and 4G network by RootMetrics

• Achieved gross annualised cost savings now totalling £1.5bn; increased target to £2.5bn by end FY25, within the previously communicated cost to achieve of £1.3bn

Adjusted EBITDA growth and return of full year dividend:

• Revenue £20.9bn, down 2%, reflecting revenue decline in Enterprise and Global offset by growth in Openreach, with Consumer flat for the year and returning to growth in Q4; adjusted1 revenue down 2%

• Adjusted1 EBITDA £7.6bn, up 2%, with revenue decline more than offset by lower costs from our modernisation programmes, tight cost management, and lower indirect commissions

• Reported profit before tax £2.0bn, up 9%, due to increased EBITDA offsetting higher finance expense

• Reported profit after tax £1.3bn, down 13%, due to remeasurement of our deferred tax balance

• Net cash inflow from operating activities £5.9bn; normalised free cash flow1 £1.4bn, down 5%, due to higher cash capital expenditure, offset by higher EBITDA and lower tax and lease payments

• Capital expenditure £5.3bn, up 25%. Capital expenditure excluding spectrum £4.8bn, up 14% primarily due to continued higher spend on our fibre infrastructure and mobile networks

• IAS 19 gross pensions deficit £1.1bn, (31 March 2021: £5.1bn) due to an increase in real discount rate, deficit contributions paid, changes to demographic assumptions and positive asset returns

• FY22 final dividend declared at 5.39p per share, bringing the full year total, as promised, to 7.70p per share

• Outlook for FY23: adjusted1 revenue to grow year on year; adjusted1 EBITDA of at least £7.9bn; capital expenditure excluding spectrum of around £4.8bn; normalised free cash flow of £1.3bn to £1.5bn.


https://www.investegate.co.uk/bt-group- ... 00082400L/

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Re: BT Group (BT.A)

#499989

Postby idpickering » May 12th, 2022, 7:27 am

BT and Warner Bros. Discovery agree new sport JV.

Following its announcement of exclusive discussions on 3 February 2022, BT Group plc ("BT Group") has agreed a set of definitive agreements with Warner Bros. Discovery, Inc. ("Warner Bros. Discovery") to form a 50:50 joint venture company to create a new premium sport offering for the UK & Ireland (the "JV"), and to transfer the operating businesses of BT Sport to Warner Bros. Discovery (together the "Transaction").

By bringing together the sports content offering of both BT Sport and Eurosport UK, the JV will have one of the most extensive portfolios of premium sports rights including UEFA Champions League, UEFA Europa League, the Premier League, Premiership Rugby, UFC, the Olympic Games, tennis Grand Slams featuring the Australian Open and Roland-Garros, cycling Grand Tours including the Tour de France and Giro d'Italia and the winter sports World Cup season.

Those customers who access BT Sport through BT directly, and the majority of BT TV customers, are set to receive discovery+, the non-fiction entertainment streaming service which is home to Eurosport's live and on-demand streaming offer in the UK & Ireland, as part of existing subscriptions.

Both BT Sport and Eurosport UK will initially retain their separate brands and product propositions in the market before being brought together under a single brand in the future. BT Group (through its wholly owned subsidiary British Telecommunications plc ("BT plc")) and Warner Bros. Discovery will enter into distribution agreements with the JV under which they will distribute the combined sports content to new and existing customers on their respective platforms and apps.


https://www.investegate.co.uk/bt-group- ... 00132401L/

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Re: BT Group (BT.A)

#502864

Postby idpickering » May 26th, 2022, 7:08 am

Altice UK: National Security & Investment Act 2021.

BT Group plc ("BT Group") has received notification from the Secretary of State for Business, Energy and Industrial Strategy that he has considered the increase by Altice UK of its shareholding in BT Group from 12.1% to 18% and is exercising his call-in power under section 1 of the National Security and Investment Act 2021. BT Group will fully cooperate with this review


https://www.investegate.co.uk/bt-group- ... 00088494M/

Ian.

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Re: BT Group (BT.A)

#511127

Postby idpickering » July 1st, 2022, 11:06 am

BT Sport will remain the home of top flight European football until 2027.

BT Sport will remain the home of top flight European football until 2027, it was confirmed today. BT have secured the rights to the majority of the UEFA Champions League games, plus all the UEFA Europa League and the UEFA Europa Conference League exclusively live, for a further three seasons, including highlights and in-match clips. BT Sport will continue to make the finals available for all to watch.

BT Sport will show the new format of the three European competitions from 2024, with 12 more teams, more matches than ever before, plus the introduction of an additional "knockout-playoff" round.

In each competition, 36 teams will play in a single league format, with those finishing 1-8 progressing to the Round of 16, teams placed 9-24 contesting the additional knockout round, and the bottom 12 teams exiting the competition and no longer dropping down into the UEL and UECL respectively, introducing more jeopardy and must-win knock out matches.


https://www.investegate.co.uk/bt-group- ... 00070200R/

Ian.

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Re: BT Group (BT.A)

#517831

Postby daveh » July 28th, 2022, 9:31 am

Trading update:
https://www.investegate.co.uk/bt-group- ... 00139964T/

"BT Group has made a good start to the year; we're accelerating our network investments and performing well operationally. Despite ongoing challenges in our enterprise businesses, we returned to revenue and EBITDA growth in the quarter.



"We continued to grow the number of BT and EE customers connected to our next generation networks. We're building our full fibre broadband network faster than ever and we're seeing record customer connections - both ahead of our own expectations. Openreach's full fibre network now reaches over 8 million homes and businesses across the UK and we anticipate increasing our annual build from 2.6 million premises last year to around 3.5 million this year. EE's 5G network covers more than 55% of the country's population. We're achieving continued high customer satisfaction scores thanks to our much improved customer service and the value for money that our products and services represent.

"The modernisation of BT Group remains on track. We are delivering and notwithstanding the current economic uncertainty we remain confident in our outlook for this financial year."

Key strategic developments:

• Fibre build and connection continues at pace, beyond our expectations, with record quarterly FTTP build of 763k and net adds of 302k

• Finalised our FTTP co-provisioning agreement with Sky

• EE was voted best network by RootMetrics for the ninth year running and came top in every category measured; our 5G ready base is now at 7.7m

• Price rises to support investment in the network and offset cost inflation; we have continued to raise awareness of our Home Essentials social tariff with prices frozen this year

• Consumer churn and complaints remain low with high levels of service

• BT Sport remains home of UEFA club competitions, including the UEFA Champions League, until 2027

• The CMA1 approved the BT Group plc agreement with Warner Bros. Discovery, Inc. to form a 50:50 sports broadcasting joint venture

• Contingency plans in place to minimise disruption and keep customers connected during CWU2 strike action

Revenue and EBITDA growth, no change to full year outlook:

• Revenue £5.1bn, up 1% due to improved pricing and trading in Consumer and Openreach, offset by the migration of a wholesale MVNO customer which concluded in FY22 and by continued legacy product declines and challenging market conditions impacting large corporate customers in Enterprise and Global.

• Adjusted3 EBITDA £1.9bn, up 2% primarily due to flow through from revenue and continued strong cost control

• Reported profit before tax £0.5bn, down 10% due to increased depreciation offsetting EBITDA growth

• Reported capital expenditure down 17% to £1.3bn, due to prior year investment in spectrum; capital expenditure excluding spectrum payments up 24% to £1.3bn, primarily due to increased investments on FTTP build and provision, and cost inflation

• Normalised free cash flow3 £(0.2)bn, down £162m primarily reflecting increased cash capital expenditure

• Net financial debt (which excludes lease liabilities) was £13.2bn and net debt3 was £18.9bn at 30 June 2022, both £0.9bn higher than at 31 March 2022 driven by pensions contributions and lower cash flows

• No change to FY23 outlook: Revenue growth, at least £7.9bn EBITDA, around £4.8bn capital expenditure and between £1.3bn-£1.5bn normalised free cash flow

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Re: BT Group (BT.A)

#524517

Postby idpickering » August 23rd, 2022, 7:13 am

Altice: National Security & Investment Act Update.

On 26 May 2022, BT Group plc ("BT Group") announced that it had received notification from the Secretary of State for Business, Energy and Industrial Strategy that he had considered the increase by Altice Europe N.V. of its shareholding in BT Group from 12.1% to 18% and was exercising his call-in power under section 1 of the National Security and Investment Act 2021 (the "Act").

BT Group has now been notified by the Secretary of State that no further action is to be taken under the Act in relation to the increase by Altice Europe N.V. of its shareholding in BT Group from 12.1% to 18%.


https://www.investegate.co.uk/bt-group- ... 00038409W/

Ian.

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Re: BT Group (BT.A)

#532899

Postby idpickering » September 28th, 2022, 7:33 am

BT Tops List of Cheap UK Stocks Seen as Next Takeover Targets.


In a bad year for equities, UK domestic stocks have had a particularly tough time, and that’s not gone unnoticed by dealmakers.

British companies represent seven of the top 10 potential targets in an informal Bloomberg survey of 18 event-driven desks, fund managers and analysts, with low valuations, a sinking pound and a favorable regulatory climate making the country’s stocks more attractive to overseas buyers.

Top of the pile is BT Group Plc, whose largest shareholder, billionaire Patrick Drahi, last month received a nod of approval from the UK government over his late-2021 stakebuilding. The telecommunication company was mentioned in six mergers and acquisitions watch lists, while other UK names to feature highly included Entain Plc, Playtech Plc, Burberry Group Plc and Darktrace Plc.


https://finance.yahoo.com/news/bt-tops- ... 00054.html

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Re: BT Group (BT.A)

#538567

Postby idpickering » October 18th, 2022, 1:11 pm

BT Group provides pro forma to reflect Sports JV.

BT Group provides historical pro forma to reflect formation of Sports Joint Venture between BT Sport and Eurosport UK

· Historical unaudited pro forma financial and operational key performance indicators (KPIs) provided for FY21, FY22 and Q1 FY23

· Pro forma information estimates the effect of the reorganisation of BT Sport following the formation of the Sports Joint Venture between BT Sport and Eurosport UK

· Forming the JV reduces reported BT Group revenue for FY23 by c.£300m-350m. On a pro forma basis, we continue to expect sustainable revenue growth for FY23 and beyond. All other outlook items unchanged

· BT's historical reported Group financials are unchanged


https://www.investegate.co.uk/bt-group- ... 18332477D/

Ian.

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Re: BT Group (BT.A)

#543381

Postby idpickering » November 3rd, 2022, 7:21 am

Results for the half year to30 September 2022.

Key strategic developments:

• We are firmly on track in delivering our strategy despite short-term macroeconomic pressures; we are investing to sustain network leadership, improving customer experience and reducing our costs to strengthen our competitive position

• FTTP build passed 8.8m premises, including 2.8m in rural areas, with initial build underway on a further 6m premises; weekly build rate averaging 62k premises in Q2

• FTTP connections ahead of plan; Q2 net adds of 331k with total take up of 27%

• Openreach broadband base down 89k in Q2 (Q2 FY22: net adds of 29k) due to reduced broadband market growth and c.40k impact from industrial action, with competitor churn in line with our expectations; average monthly rental ARPU grew by c.£1 year on year due to continued increase in fibre-enabled broadband

• Openreach reviewing wholesale pricing to accelerate migration to FTTP

• EE's 5G network continues to grow with 5G deployed in nearly all UK major towns and cities

• Completed Sports JV to create one of the most extensive portfolios of premium sports in the UK

• Delivered gross annualised cost savings of £1.7bn since April 2020 with total cost to achieve of £0.9bn; FY25 target increased from £2.5bn to £3.0bn in response to cost inflation, with total cost to achieve of £1.6bn

Revenue and EBITDA growth and interim dividend at 2.31pps confirmed

• Revenue£10.4bn, up1% due to growth in Consumer and Openreach partially offset by legacy declines in large corporate customers in Enterprise, lower equipment sales in Global and the impact of the BT Sport disposal

• Adjusted1 EBITDA £3.9bn, up3%due to revenue growth, continued strong cost control and some one-off items, partially offset by increased energy costs and cost inflation

• Reported profit before tax £0.8bn, down18% due to increased depreciation from network build and higher specific costs offsetting adjusted1 EBITDA growth

• Reported capital expenditure £2.6bn, up2% due to increased Openreach investments in fixed network infrastructure offsetting a decline in spectrum; capital expenditure excluding spectrum payments up 26%

• Net cash inflow from operating activities £2.9bn; normalised free cash flow1£0.1bn, down £0.3bn primarily reflecting higher cash capex partially offset by increased EBITDA and working capital movements including stronger collections and movement in sports rights

• Gross IAS 19 deficit of £1.7bn, up from £1.1bn at 31 March 2022 mainly due to the impact of higher real gilt yields partly offset by deficit contributions; BT Pension Scheme roll-forward funding deficit was £4.4bn at end of June 2022, and not adversely impacted by gilt market volatility in late September

• FY23 capex outlook revised from c.£4.8bn to c.£5.0bn due to higher fibre connections and inflation, enabled by a £0.2bn tax refund in October; capex in subsequent years will be c.£4.8bn over remainder of the peak fibre build

• Normalised free cash flow1 expected to outturn towards the lower end of the £1.3bn-£1.5bn range

• Interim dividend of 2.31 pence per share in line with our policy


https://www.investegate.co.uk/bt-group- ... 00051435F/

Ian.

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Re: BT Group (BT.A)

#543406

Postby tjh290633 » November 3rd, 2022, 9:20 am

See also http://www.rns-pdf.londonstockexchange. ... 2-11-2.pdf

11. Dividends
In line with the group's dividend policy, the Board has approved an interim dividend of 2.31p (H1 FY22: 2.31p), which will be paid on 6 February 2023. The ex-dividend date is 29 December 2022.


TJH

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Re: BT Group (BT.A)

#555152

Postby idpickering » December 16th, 2022, 7:16 am

BT Group to combine Enterprise and Global units.

BT Group has today announced that it will be combining its Global and Enterprise units into a single B2B unit, BT Business. The combined unit will enhance value for all our B2B customers, strengthen our competitive position, and deliver material synergies by:

· Leveraging the full scale and capabilities of BT Group to develop and deliver market-leading products and services for all our B2B customers , including next generation connectivity and unified communications, multi-cloud networking, and advanced security solutions.

· Creating a single interface to BT Group for our corporate customers and public sector institutions , combining our vertical sectoral expertise and capabilities, and removing the current duplication between Enterprise and Global.

· Driving significant and rapid gross annualised cost savings of at least £100m by the end of FY25 through consolidation and rationalisation of management teams, support functions, product portfolios and systems.

BT Business will be led by Bas Burger the current CEO of BT's Global unit. Bas joined BT Group in 2008 and prior to the Global role was responsible for BT Americas. Before joining BT Group, Bas was executive president and a member of the management committee of Getronics NV, where he ran global sales, channels and partnerships, developing the company's international business. He was also CEO and managing director of KPN Entercom Solutions.

This will create a simpler BT Group with three Customer Facing Units: Consumer supporting UK consumers; BT Business supporting business and public sector customers; and Openreach delivering UK nationwide fixed access infrastructure.

Announcing the formation of BT Business, BT Group Chief Executive Philip Jansen said:

"BT Group is a leading provider of B2B connectivity and related services to UK and multi-national corporations, government and public sector organisations worldwide, as well as UK SMEs1 and SoHos2. BT Enterprise is the market leader in the UK, with a market share of 30% underpinned by BT Group's fixed and mobile network leadership, the strength of the BT brand, and national sales, service and distribution. BT Global serves many of the world's largest companies and is consistently rated as a leader for its networking and security services and has ambition to be the leading provider of secure multi-cloud connectivity."

"By combining the two units, BT Business will bring the Group's combined assets, products, capabilities and brand to the service of all of our 1.2m business customers who will benefit from faster innovation and delivery. Bas is an excellent leader and I'm confident he will build on the plans already underway and drive the combined business back to growth."


https://www.investegate.co.uk/bt-group- ... 00039175J/

I do not hold BT.A.

Ian.

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Re: BT Group (BT.A)

#565705

Postby idpickering » February 2nd, 2023, 8:09 am

Trading update for the nine months to31 December 2022.

https://www.investegate.co.uk/bt-group- ... 00046623O/

Ian (No holding).

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Re: BT Group (BT.A)

#565834

Postby idpickering » February 2nd, 2023, 1:29 pm

It appears that the above has been well received, what with the BTA share price being up 6.5% as I type.

Ian.

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Re: BT Group (BT.A)

#565857

Postby Tedx » February 2nd, 2023, 2:56 pm

idpickering wrote:It appears that the above has been well received, what with the BTA share price being up 6.5% as I type.

Ian.


From a very low starting point!

....what was BT during the good old days of the tech boom? A tenner plus?

<sigh>

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Re: BT Group (BT.A)

#589802

Postby idpickering » May 18th, 2023, 7:14 am

Results for the full year to 31 March 2023.

Philip Jansen, Chief Executive, commenting on the results, said

"We have delivered our outlook for FY23: this year we've grown both pro forma revenue and EBITDA for the first time in six years while navigating an extraordinary macro-economic backdrop. Over the last four years we have stuck firmly to our strategy and it's working. "Openreach is competing strongly and it's clear that customers love full fibre. The Openreach Board has reaffirmed its target to reach 25 million premises with FTTP by the end of 2026 and plans to further accelerate take-up on the network. In Consumer we're delivering for customers with strong growth in FTTP and 5G, and we're also seeing green shoots in B2B with a return to revenue growth in the final quarter in Global and the creation of our newly integrated Business unit.
"By continuing to build and connect like fury, digitise the way we work and simplify our structure, by the end of the 2020s BT Group will rely on a much smaller workforce and a significantly reduced cost base. New BT Group will be a leaner business with a brighter future."

Continued strong delivery against strategy

• We delivered revenue and adjusted1 EBITDA in line with our outlook for FY23, despite significant headwinds; normalised free cash flow was delivered at the lower end of our guidance range due to increased cash capital expenditure, primarily in Openreach

• FTTP build of 702k premises passed in the quarter at an average build rate of 54k per week, with 41% of our 25m build completed; FTTP footprint of 10.3m, up 43%, with a further 6m where initial build is underway

• Customer demand in Openreach for FTTP extremely strong with FY23 orders up 70% year on year; take up rate grew to 30.4% with record net adds of 395k in the quarter; base now c.3.1m

• Record quarter of Consumer FTTP connections up 50% year-on-year with the base now over 1.7m

• We have 8.6m 5G connections, up 62% on last year; our 5G network now covers 68% of the population

• Cost transformation on track with gross annualised cost savings of £2.1bn since April 2020 against our £3bn target, with a cost to achieve of £1.1bn against a target of £1.6bn

• Created Business through the merger of Enterprise and Global to enhance value for all B2B customers, strengthen our competitive position and deliver material synergies

• The UK Government announced a three-year 100% tax expensing benefit on qualifying UK capex, effective from 1 April 2023; this will allow Openreach to deliver increased connections and offset inflation whilst reconfirming our 25m FTTP target by the end of 2026

• New metrics announced to track our transformation into a next-generation connectivity provider (see page 4), focussed on our networks, our customers and becoming a more efficient organisation

• Total labour resource2 to reduce from 130k to 75-90k by FY28-FY30


https://www.investegate.co.uk/announcement/7531926

Ian (No holding).

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Re: BT Group (BT.A)

#589809

Postby Dod101 » May 18th, 2023, 7:38 am

With respect, Ian has not quoted the results, they are the very optimistic comments on the results, which, by anyone's reading, are dismal. Reported profit is down 12%, dividend is held as are most of the other figures (or worse) I am not sure what sector they are in but between Vodafone, it is a good sector not to be in. With that background who would believe in their strategy?

Dod


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