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BT reaffirms FY outlook in Q1

July 28, 2022

BT Group has published its Q1 results with CEO Philip Jansen declaring that the telco “has made a good start to the year”.

“We’re accelerating our network investments and performing well operationally. Despite ongoing challenges in our enterprise businesses, we returned to revenue and EBITDA growth in the quarter. We continued to grow the number of BT and EE customers connected to our next generation networks. We’re building our full fibre broadband network faster than ever and we’re seeing record customer connections – both ahead of our own expectations. Openreach’s full fibre network now reaches over 8 million homes and businesses across the UK and we anticipate increasing our annual build from 2.6 million premises last year to around 3.5 million this year. EE’s 5G network covers more than 55 per cent of the country’s population. We’re achieving continued high customer satisfaction scores thanks to our much improved customer service and the value for money that our products and services represent.”

“The modernisation of BT Group remains on track. We are delivering and notwithstanding the current economic uncertainty we remain confident in our outlook for this financial year,” concluded Jansen.

Key points:

  • BT group made a good start to the year with growth in revenue and profitability. Despite economic uncertainty BT remains confident of its outlook for this year.
  • In the three months to June 30th, revenue was up 1 per cent to £5.1 billion. This was attributed to improved pricing and solid trading in the Consumer and Openreach divisions.
  • BT remains on track and is accelerating the modernisation of BT Group:
    • BT continue to swiftly build on FTTP (now passed more than 8 million premises and expect to pass around 3.5 million this year – up from 2.6 million last year) and 5G (more than 55 per cent of the UK population covered).
    • Strong customer take-up on FTTP with 26 per cent of base connected (around 2.1 million premises) and 7.7 million 5G-ready customers.
    • Customer satisfaction scores remain high across the Group and BT remains confident of making a strong return on its investment.
    • BT received CMA clearance for its BT Sport JV and expects to complete in the coming weeks.

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