Charting our progress

Our investments are delivering for the business and we expect them to support our goal of sustainable, profitable revenue growth. Combined with a continued focus on cost transformation across the group, we aim to grow our EBITDA. This will drive long-term cash flow growth for the business. We will continue our prudent financial policy of investing in our business, reducing net debt, supporting the pension fund and paying progressive dividends.

  2011/12 2012/13 2013/14 2014/15 YoY
Revenue1 £19,397m £18,339m £18,287m £17,851m -2%
Underlying revenue2 excluding transit  -1.9% -3.1% +0.5% -0.4%  
EBITDA1  £6,034m  £6,143m  £6,116m £6,271m +3%
Profit before taxation1  £2,391m  £2,656m  £2,827m £3,172m +12%
Earnings per share1  23.4p  26.3p  28.2p 31.5p +12%
Full year dividend 8.3p  9.5p 10.9p 12.4p +14%
Capital expenditure3 £2,594m £2,438m £2,346m £2,326m -1%
Normalised free cash flow4 £2,307m £2,300m £2,450m £2,830m +16%
Net debt £9,082m £7,797m £7,857m £5,119m -27%
Customer service improvement +3.0% -4.0% +1.5% +4.7%  
Our people 89,000 87,900 87,800 88,500  
BT retail broadband customers 6.3m 6.7m 7.3m 7.7m  
  • of which fibre
0.5m 1.2m 2.1m 3.0m  
Total Openreach broadband lines 16.8m 17.6m 18.5m 19.3m  
  • of which fibre
0.5m 1.4m 2.7m 4.2m  

Revenue Operating costs EBITDA 

Adjusted earnings Free cash flow Net debt

Proposed dividend Adjusted revenue Adjusted EBITDA 

For more information on our financial results go to the Shareholder & Analysts site.
For more information on our social and environmental performance go to the Purposeful business site.

The figures for 2011/12 and 2012/13 were restated on 13 June 2013. See note 1 of the Q4 2013/14 results press release for further information.
EBITDA: Earnings before interest, taxation, depreciation and amortisation. 
1 Before specific items.
2 Excludes specific items, foreign exchange movements and the effect of acquisitions and disposals. 
3 before purchases of telecommunications licences.
4 before specific items, purchases of telecommunications licences, pension deficit payments and the cash tax benefit of pension deficit payments.