UK News BT improves profit forecast after 'strong operational performance'

12:20  29 october  2020
12:20  29 october  2020 Source:   news.sky.com

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BT Group PLC said Friday that revenue and adjusted earnings for the first quarter of fiscal 2021 both fell but by less than expected, as the company "Despite our strong operational performance in the first three months of the year, it is clear that Covid-19 will continue to impact our business as the full

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BT has improved its profit forecast for the financial year after a "strong operating performance".

logo: BT's profit forecast has improved © PA BT's profit forecast has improved

The telecoms firm, Britain's biggest fixed-line and mobile operator, raised the lower end of its earnings outlook for the year from £7.2bn to £7.3bn, with the upper end remaining at £7.5bn.

Adjusted earnings for the period to 30 September were £3.7bn, a fall of 5%, and half-year revenue fell by 8% to £10.6bn, with the firm blaming lower BT Sport sales and reduced business activity in its enterprise units.

Chief executive Philip Jansen said: "BT delivered financial results in line with expectations for the first half of the year, thanks to strong operational performance during exceptional circumstances.

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Strong execution of cash and cost management actions in response to the pandemic; on track to deliver targeted full-year cash flow benefit of 5 million. “Our focus on health, safety and delivering value to our customers is making a significant difference.” Third Quarter Consolidated Performance .

"Customer demand during the pandemic has shown how critical our networks have become, and our significant network investments have helped us double the number of Openreach's FTTP (fibre to the premises) orders compared to this time last year and have seen our leading 5G network expand to 112 towns and cities across the UK.

"We continue to invest to make BT more competitive and I'm pleased to see the quality of our products and services improving.

"At the same time we are firmly on track with the delivery of our modernisation programme and have delivered £352m in cost savings in the first half of the year."

The results come a day after it was announced that Ericsson will supply equipment for BT's 5G network in major UK cities, including London, Edinburgh, Belfast and Cardiff.

The Swedish firm's equipment is expected to manage around half of 5G traffic for BT and its main brand EE, with Nokia already having been announced as another partner in the project.

T-Mobile US raises forecast significantly .
The Deutsche Telekom subsidiary T-Mobile US continues to defy the corona crisis after taking over smaller rival Sprint. After the third quarter, T-Mobile US boss Mike Sievert raised the targets for operating profit and customer growth, which Deutsche Telekom had often followed suit in the past. © Christoph Dernbach / dpa The cell phone provider T-Mobile US advertises in New York.

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