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News - Paul Lipscombe
February 4, 2021
The results are in line with expectations according to BT CEO
BT Group’s revenue dropped seven per cent year-on-year for the first nine months to December 31, the telco has revealed in its latest earnings report.
The slump has been put down to the ongoing global pandemic, with consumer and enterprise units impacted.
BT reported revenue of £16 billion for the first nine months of the financial year. This figure is down from £17.2bn the year before.
Despite the slump, BT Group chief executive Philip Jansen said the results are line in the telco’s expectations.
“We delivered results in line with our expectations for the third quarter and remain on track to deliver our 2020/21 outlook despite even greater Covid-19 restrictions than previously forecast.”
Adjusted EDITBA dropped five per cent to £5.6bn, again driven by the drop in revenue, although Jansen remains confident this number will hit at least £7.9bn for 2022/23.
He adds that he doesn’t Brexit to have a “material impact” on the company.
“With no material impact expected from the Brexit deal and our resilient results so far this year I remain confident in our EBITDA expectation of at least £7.9bn for 2022/23.”
The reduced EBITDA meant that the companies reported profit before tax dipped 17pc to £1.59bn.
Highlights
In its update, BT revealed that Openreach’s FTTP has reached 4.1 million premises, at a rate of 42k premises being passed a week. The company is on course to hit 4.5 million by March.
As BT’s EE mobile network has now delivered 5G to 125 locations across the UK and has a 5G-ready customer base of over 2.1 million.
BT also reported its highest ever NPS (Net Promoter Score) scores, while BT announced the creation of a new technology unit to lead its digital developments.
According to BT the digital unit will lead the IT, process and business transformation of BT and develop and deliver new growth products, platforms and services.
“Looking further ahead our new Digital unit will enable us to accelerate our digital and business transformation programmes and to deliver digital platforms that bring together best-in-class services for our customers, further securing a brighter and more sustainable future for the group,” added Jansen.
