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BT Q1 profits and revenues dip but remains on target

Manny Pham
August 2, 2019

CEO Philip Jansen welcomes government’s target of full fibre coverage by 2025

BT reported revenue and EBITDA dipped by one per cent in Q1 figures but remain in line with expectations for the quarter.

Revenue stood at £5.6bn and adjusted EBITDA is £1.96 billion. Profit before tax for the quarter is £642m down from £704m year-on-year. BT’s Q1 results are for the three months ending June 30.

The consumer arm which includes EE raked in the most revenue with £2.5bn, a figure that is also down one per cent year-on-year. The division reported churn at 1.1 per cent and highlights EE’s 5G network launch in six cities and Smart Plans.

Enterprise took in £1.5bn, Global at £1.1bn and Openreach made £1.3bn.

BT CEO Philip Jansen commenting on the results said: “BT delivered results in line with our expectations for the quarter, with adjusted EBITDA declines in Consumer and Enterprise partly offset by growth in Global. We are on track to meet our outlook for the full year.

“We made good progress during the quarter, including launching the UK’s first 5G network, delivering an improvement to our group net promoter score for the twelfth consecutive quarter, announcing the first nine cities in our consolidated office footprint, and being named the major broadband universal service obligation provider for the UK.

“In building a better BT for the future we need to be even more competitive. We will continue to take decisive action, including on price, to further strengthen our customer propositions and market position, both to respond to any short-term market pressures and to capitalise on longer-term opportunities.”

Full fibre Britain by 2025
New UK prime minister pledged the UK will have 100 per cent full fibre coverage by 2025, an aim that Jansen welcomes.

“On network investment, we welcome the Government’s ambition for full fibre broadband across the country and we are confident we will see further steps to stimulate investment”, said Jansen.

“We are ready to play our part to accelerate the pace of rollout, in a manner that will benefit both the country and our shareholders, and we are engaging with the Government and Ofcom on this.”

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