BT results: “Openreach continues to build like fury”
May 12, 2022
BT Group has published its full year results, revealing underlying revenue of £20.9 billion (€24.4bn) – down 2 per cent for the full year – attributed to declines in Enterprise and Global. Cost savings meant EBITDA rose 2 per cent to £7.6 billion.
The telco said it is on track to meet its targets for the new financial year, including underlying EBITDA of at least £7.9 billion.
Philip Jansen, Chief Executive, commenting on the results, said: “BT Group has again delivered a strong operational performance thanks to the efforts of our colleagues across the business. Openreach continues to build like fury, having now passed 7.2 million premises with 1.8 million connections; a strong and growing early take-up rate of 25 per cent. Meanwhile, our 5G network now covers more than 50 per cent of the UK population. We have the best networks in the UK and we’re continuing to invest at an unprecedented pace to provide unrivalled connectivity for our customers. At the same time we’re seeing record customer satisfaction scores across the business.”
“We have finalised the sports joint venture with Warner Bros Discovery to improve our content offering to customers, aligning our business with a new global content powerhouse. Separately, we have strengthened our strategic partnership and key customer relationship with Sky, having now extended our reciprocal channel supply deal into the next decade and agreed a MoU to extend our co-provisioning agreement.”
“Our modernisation continues at pace and we are extending our cost savings target of £2 billion by end FY24 to £2.5 billion by end FY25. We delivered EBITDA growth of 2 per cent this year as strong savings from our modernisation programme more than offset weaker revenues from our enterprise businesses due to well-known market challenges.”
“While the economic outlook remains challenging, we’re continuing to invest for the future and I am confident that BT Group is on the right track. As a result, we are today reconfirming our FY23 outlook for revenue growth, EBITDA of at least £7.9 billion and also the reinstatement of our full year FY22 dividend, as promised, at 7.7 pence per share,” he concluded.