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BT reports revenue drop of 2pc YoY in latest earnings

Paul Lipscombe
May 12, 2022

Declining enterprise and global business offset by Openreach growth 

BT has reported its revenue dropped two per cent to £20.9bn, as the telco revealed its latest earnings.

The full year earnings up to March 2022, saw BT’s revenue slightly decline as chief executive Philip Jansen hailed the strong performance overall.

The slight decline was attributed to a drop in BT’s enterprise and global units, while it’s growing Openreach business helped to offset this.

It’s Openreach business has delivered fibre-to-the-premises (FTTP) to more than 7.2 million premises, with 1.8m connections.

It comes as the BT Group also confirmed today (May 12) it has finalised the joint sports venture with Warner Bros. Discovery to combine its BT Sports offering with the US company’s Eurosport channel.

Other highlights from BT’s latest earnings includes adjusted EBITDA growing two per cent to £7.6bn, while reported profit before tax was up nine per cent to £2bn.

“BT Group has again delivered a strong operational performance thanks to the efforts of our colleagues across the business,” said Jansen.

“Meanwhile, our 5G network now covers more than 50% of the UK population. We have the best networks in the UK and we’re continuing to invest at an unprecedented pace to provide unrivalled connectivity for our customers.”

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