The full year sees BT revenue of £20,223 million, up 4 per cent and profit before taxation and specific items of £2,495 million, up 15 per cent.
Sir Christopher Bland, Chairman, commenting on the full year results, said: “BT has come a long way in the past five years. This is a very strong set of results which demonstrates how much has been achieved. Revenue grew by 4 per cent and earnings per share before specific items grew by 16 per cent.
“I am delighted to report that our proposed full year dividend is 15.1 pence per share, 27 per cent higher than last year, moving to a two thirds payout ratio a year earlier than we had previously announced. In addition, because of the financial strength of the company, we are introducing a new £2.5 billion share buyback programme which we expect to be completed by March 31, 2009.
“We have delivered on our commitments and are confident we will continue to grow revenue, EBITDA, earnings per share and dividends over the coming year.”
Chief Executive Ben Verwaayen, commenting on the fourth quarter results, said: “We have finished the year with a terrific all round performance. The figures show BT in great shape – revenue, EBITDA, earnings per share and free cash flow are all growing and new wave businesses now generate 40 per cent of our revenues. I am particularly pleased that BT is now the UK’s number one retail broadband provider. BT Global Services had an excellent quarter securing orders worth £3.4 billion and winning more than 200 new customers.
“We have announced a new structure to take us into the next phase of our transformation as we seize the opportunity to deliver software driven services over our broadband network; providing our customers with faster, more resilient and cost effective services wherever in the world they are.”