BT’S 2008 AGM VIEW FROM THE PLATFORM
Over 800 shareholders attended BTs AGM at the Barbican Centre in London on 16 July 2008. This was my first address to the companys shareholders since taking over the helm.
It was a pleasure to meet so many shareholders at the annual general meeting, both during formal proceedings and informally afterwards. A number of issues were raised with me and other board members, including our customer service, super fast broadband, direct debit charges, security of data and BTs involvement in the London 2012 Olympics. Full details can be found on our website at www.bt.com/btagm2008
Our performance over the last financial year was good and looking forward, we expect to deliver continued growth in revenue, EBITDA(1), earnings per share and dividends per share(1) in this financial year. Our strategy and our track record for consistent delivery enable us to have the confidence to increase the returns we make to shareholders. Thus we have been able to recommend dividends of 15.8 pence per share for the full year, which is more than 85% higher than the figure five years ago when BT resumed paying two dividends a year.
To achieve our goals, we are looking for a consistent and principles-based approach to regulation in the UK, the EU and worldwide. We have rights to level playing fields in the UK and the EU and will seek similar level playing fields globally. We are the only country which currently allows all companies to have access to our networks under the same terms and conditions as we ourselves access those networks.
It is also time for further deregulation in the UK market to reflect the extremely high levels of competition that exist whilst ensuring that monopolies do not emerge in other areas of media and communication. This would not only encourage competition but is also critical to the investment necessary for the future competitiveness of the UK in a global economy. BT’ s proposed £1.5 billion investment in super fast broadband is dependent on the right environment being facilitated.
I believe that we have the right long term strategy and an exceptionally talented team in place. In spite of the current economic environment, I am confident that we can continue to take the right long term decisions to deliver on our strategy of creating value for you, our shareholders, and at the same time deliver on our wider responsibilities to society and the environment.
Thank you
Sir Michael Rake
In this magazine we make various forward-looking statements. Factors which could cause our actual results to differ materially from the results we currently expect are identified in detail in our Annual Report and Form 20-F 2008 (available on our website at www.bt.com/annualreport).
(1)Before specific items and leaver costs