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.
|Underlying revenue2 excluding transit||-1.9%||-3.1%||+0.5%|
|Profit before taxation1||£2,391m||£2,656m||£2,827m||+6%|
|Earnings per share1||23.4p||26.3p||28.2p||+ 12%|
|Full year dividend||8.3p||9.5p||10.9p||+ 15%|
|Normalised free cash flow4||£2,307m||£2,300m||£2,450m||+15%|
|BT retail broadband customers||6.3m||6.7m||7.3m|
|Total Openreach broadband lines||16.8m||17.6m||18.5m|
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.