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BT quarterly revenue slips 3 percent to GBP 4.48 billion

BT quarterly revenue slips 3 percent to GBP 4.48 billion

BT reported a revenue down 3 percent to GBP 4.48 billion in its third quarter to the end of December 2014, thanks to a good performance at BT Consumer. The company added a net 119,000 retail broadband customers in the period, in large part driven by its BT Sport and ESPN channels. The third quarter also saw Openreach achieve record growth in the number of landlines, with all major ISPs responding to market demand for fibre. Capital expenditure rose by 3 percent to GBP 599 million. BT said its fibre network now covers three quarters of the UK and the company will launch large-scale pilots of this summer. CEO Gavin Patterson said the company expects to be able to deliver ultrafast broadband at up to 500 Mbps to most of the country by 2025. EBITA rose by 2 percent to GBP 1.57 billion, with adjusted earnings per share up 10 percent to GBP 0.08.

By business unit, BT Global Services’ EBITDA was down 10 percent to GBP 261 million on revenue down 8 percent to GBP 1.69 billion. BT Business’s EBITDA rose 4 percent to GBP 266 million on revenue down 2 percent to GBP 789 million. BT Consumer’s EBITDA rose by 43 percent to GBP 251 million on revenue up 7 percent to GBP 1.08 billion, BT Wholesale’s EBITDA fell 7 percent to GBP 136 million on revenue down 10 percent to GBP 532 million. Openreach’s EBITDA slipped 1 percent to GBP 651 million on revenue also down 1 percent to GBP 1.26 billion.

BT, which is expected to sell bonds to finance its acquisition of UK mobile operator EE, reaffirmed its previously announced outlook. The group expects underlying revenue excluding transit in 2014/15 to be broadly level with 2013/14 with growth in 2015/16. Adjusted EBITDA guidance is GBP 6.2-6.3 billion in 2014/15 with further growth in 2015/16. Normalised free cash flow is expected to be more than GBP 2.6 billion this year and to grow next year. BT is in the process of buying the UK’s biggest mobile operator, EE.

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