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BT Reports Q2 Profit of £552M

Q2 profits up 36%, half-year profits up 37% year-on-year for UK incumbent

November 3, 2011

2 Min Read

LONDON -- BT Group plc (BT.L) today announces its results for the second quarter and half year to 30 September 2011. Table 1: BT Group second quarter to Sept. 30 2011

�m

Change

Revenue

4,894

-2%

EBITDA

1,495

3%

Profit before tax (reported)

552

36%

Earnings per share (reported)

6.4p

25%





Table 2: BT Group half year to Sept. 30 2011

�m

Change

Revenue

9,658

-3%

EBITDA

2,931

3%

Profit before tax (reported)

1,069

37%

Earnings per share (reported)

11.3p

28%





Ian Livingston, Chief Executive, commenting on the results, said: “We have increased cash flow, profits and underlying revenue2 in the quarter. This progress has been supplemented with positive operational performances in most of our businesses. We achieved a market leading 63% share of broadband net additions and another quarter of growth in fixed lines.

“We expect to continue to offset the economic headwinds through improved customer service and processes, better efficiency, and investment in the future of the business. This strategy and our financial results allow us to invest when others are merely talking about it. We are accelerating our fibre roll-out programme to cover two-thirds of the UK by the end of 2014 – one year earlier than planned and creating 520 new jobs. With the already announced government support, we believe there is the potential for fibre-based services to reach more than 90% of the UK within a few years thereafter.

“We are also investing across the world and have announced a programme to double our business in key Latin American countries in addition to our expansion in the Asia Pacific region announced last year.

“Our performance in the quarter reinforces but does not change our outlook for the year.”

BT Group plc (NYSE: BT; London: BTA)

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