BT's quarterly newsletter for industry analysts 
Second quarter results published
On November 13th, BT presented its Q2 results.
"We continue to expect BT group revenue to grow for the full year," said BT chief executive Ian Livingston. "However, because of the reduction in profitability in BT Global Services, group EBITDA is likely to show a small decline in the current financial year."
He continued: "Three out of our four business units, BT Retail, BT Wholesale and Openreach are delivering on or ahead of target. But profits in BT Global Services are simply not good enough and we are taking decisive action to put matters right. We have appointed Hanif Lalani as the new chief executive officer of BT Global Services and he will continue to grow the business while reducing the cost base."
Livingston added: "Demand for our BT Global Services proposition remains strong, revenue grew strongly in the quarter and the pipeline is healthy. What we have to do now is translate revenue growth into better profitability."
Highlights
- Revenue of £5,303 million, up 4 per cent
- EBITDA before specific items and leaver costs of £1,429 million, down 1 per cent
- BT Global Services EBITDA before leaver costs of £119 million, down 36 per cent
- Operating profit before specific items and leaver costs of £744 million, down 1 per cent
- Profit before taxation, specific items and leaver costs of £590 million, down 11 per cent
- Earnings per share before specific items and leaver costs of 5.9 pence, down 3 per cent
- Interim dividend maintained at 5.4 pence per share
- Free cash inflow of £369 million, up by £198 million
More on the results here.