BT revenue tops £24 billion in 2016

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The telecoms giant is also cutting 4,000 jobs

BT posted yearly revenue growth of 27 per cent to finish the 12 months to 31 March on over £24 billion.

Revenues for Q4 increased from £5.5 billion in Q4 2016 to £6.1 billion in Q4 2017 despite receiving a £500 million fine for the accounting scandal at its Italian arm. To compensate for adjustments in the Global Services division as a result of the fine, BT will be cutting 4,000 back-office and managerial jobs.

Broadband customers on super-fast fibre broadband grew to 26.5 million with ultrafast broadband deployment plans on track, connecting 500,000 premises and Fibre-to-the-premises free to developments of 30 homes or more.

EE increased quarterly revenue by 50 per cent from 2016 to 2017. The operator contributed over £1.2 billion of revenue to BT in Q4 2017 compared to £841 million in Q4 2016.

BT chief executive Gavin Patterson said: “This has been a challenging year for BT. We’ve faced headwinds in the UK public sector and international corporate markets and must learn from what we found in our Italian business.

“Openreach also received a fine from Ofcom after an investigation into historical Deemed Consent practices revealed it fell short of the high standards we expect.

“We take these issues extremely seriously and are putting in place new measures, controls and people to prevent them from happening again.”

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