BT Q1: “On a path to growth”
July 29, 2021
Philip Jansen, BT’s Chief Executive, has declared that the telco is on a path to growth. Commenting on the company’s Q1 results, he reported that operational performance remained strong, with EBITDA growing during the first three months of the year, reflecting improved trading across most of its business and the positive benefits of plans to modernise BT.
“Our results were overall in line with our expectations during the quarter, with good performance in the UK offsetting challenging conditions in Global’s markets,” he said. “We’re powering ahead with our network build programmes: Openreach has now built full fibre broadband to more than 5 million premises with growing customer demand; EE has set out plans for 5G on demand anywhere in the UK by 2028. We’ve also reached a partnership agreement with our largest trade union, the CWU, allowing us to keep our modernisation plans on track.”
“We continue to invest in new strategic growth areas and have also today announced a strengthened strategic partnership with Microsoft that will see us accelerate co-innovation across all areas of our business, including enterprise voice and cyber security, supporting our growth strategy. “With trading conditions expected to see some improvement through the year, we have confirmed our outlook and remain confident that BT is on a path to growth,” he concluded.
Revenue was £5.071 billion (€5.959bn), down 3 per cent; adjusted EBITDA was £1.866 billion, up 3 per cent. Reported profit before tax was £536 million, down 4 per cent despite higher adjusted EBITDA, primarily as a result of the prior year gain on disposal of its domestic Spanish operations.