Key points for the third quarter:
-Revenue of £5,038m, down 3%
-EBITDA[1] of £1,484m, up 7%
-Profit before tax[1] of £531m, up 30% (after specific items, up 111%)
-Earnings per share [1] of 5.4p, up 32% (after specific items, up 96%)
-Free cash flow[2] of £515m, up 69%
-Net debt of £8.7bn, down £1.4bn
-DSL broadband net additions of 188,000, 53% market share
-BT Global Services expected to generate operating cash flow of around £100m in 2010/11 and around £200m in 2011/12
Ian Livingston, Chief Executive, commenting on the results, said:
“Profits and cash flow in the quarter were ahead of last year. BT Retail had a good quarter with growth in business revenues and our highest share of DSL broadband net additions for eight years. Openreach benefited from a stronger broadband market and growth in its copper line base. BT Global Services is now expected to be cash flow positive this year, a year earlier than targeted.
“These results show that we are making progress on a number of fronts. There is always more to do but our performance underpins our outlook for this year and the period to 2012/13.”
A conference call for analysts and investors will be held at 10:30am today and a simultaneous webcast will be available at www.bt.com/results.
The fourth quarter and full year results to 31 March 2011 are expected to be announced on 12 May 2011.
[1] Before specific items
[2] Before pension deficit payment of £525m (Q3 2009/10: £525m)
BT is one of the world-s leading providers of communications solutions and services operating in over 170 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to our customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services. BT consists principally of four lines of business: BT Global Services, BT Retail, BT Wholesale and Openreach.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.
For more information, visit www.btplc.com.
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