New Wave Continues Rise in BT Q3 Results

BT has reported its third quarter figures the highlights of which are:

– Revenue of £5,126 million, up 5 per cent

– New wave revenue of £1,880 million, up 17 per cent, representing 37 per cent of total revenue

– EBITDA before specific items and leaver costs of £1,439 million, up 2 per cent

– Profit before taxation, specific items and leaver costs of £643 million, up 13 per cent

– Earnings per share before specific items and leaver costs of 5.8 pence, up 14 per cent

– Specific items include a net credit of £1,067 million relating to the settlement of ten open tax years

– Continued strong broadband net additions of 697,000 of which BT Retail’s share was 34 per cent

Ben Verwaayen, Chief Executive, commenting on the third quarter results, said: “This is another strong set of results; our strategy is delivering and the positive trends are gathering momentum. The revenue growth of 5 per cent reflects continued strong growth in new wave services and a robust defence of our traditional business, underpinned by growth in active consumer customers for the first time in four years.

“There are now more than 10 million wholesale broadband connections and the market continues to grow strongly. In an intensely competitive market BT Retail’s share of the net additions in the quarter was 34 per cent. Openreach has reached 1.5 million LLU connections this month. The sales orders won by BT Global Services in the quarter were £2.5 billion.

“After nineteen consecutive quarters of earnings per share growth, our expectations are to continue to grow our revenue, EBITDA, earnings per share and dividends for this financial year and next.”

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