BT First Quarter Results – Broadband Nears 9 Million Users

BT has reports its first quarter results for the period up to June 30 2006. Highlights include:

• Revenue of £4,864 million, up 3 per cent

• New wave revenue of £1,641 million, up 18 per cent, represents 34 per cent of total revenue

• EBITDA before specific items and leaver costs of £1,386 million, up 2 per cent

• Profit before taxation, specific items and leaver costs of £639 million, up 24 per cent

• Earnings per share before specific items and leaver costs of 5.8 pence, up 26 per cent

• BT Retail’s share of broadband net additions was 30 per cent

• Broadband end users of 8.7 million at June 30, 2006

Ben Verwaayen, Chief Executive, commenting on the first quarter results, said:

“This is a strong all round performance to start the financial year, with the momentum we saw in recent quarters continuing. Revenue has increased for ten consecutive quarters; EBITDA was up 2 per cent, an improvement on the rate of growth we achieved last quarter; and earnings per share was up 26 per cent, the seventeenth consecutive quarter of growth.

“Our international business is expanding strongly and we won more than 200 new customer accounts outside the UK in the quarter.

“Our first quarter results underpin our confidence in our ability to continue to grow our revenue, EBITDA, earnings per share and dividends this year.”

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