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 YoY
change
Revenue        
Adjusteda £19,397m £18,339m £18,287m 0%
Reported £18,987m £18,103m £18,287m +1%
Underlying revenue excluding transit   -3.1% +0.5%  
         
EBITDAb        
Adjusteda £6,034m £6,143m £6,116m 0%
Reported £5,861m £5,791m £5,840m +1%
         
Profit before taxation        
Adjusteda £2,391m £2,656m £2,827m +6%
Reported £2,120m £2,315m £2,312m 0%
         
Earnings per share        
Adjusteda 23.4p 26.3p 28.2p + 12%
Reported   22.6p 24.9p 25.7p + 10%
         
Full year dividend 8.3p  9.5p 10.9p + 15%
         
Capital expenditurec £2,594m £2,438m £2,346m -4%
         
Normalised free cash flowd £2,307m £2,300m £2,450m 7%
         
Net debt £9,082m £7,797m £7,857m -10%
         
Our people 89,000 87,900 87,800  
BT retail broadband customers 6.3m 6.7m 7.3m  
Total Openreach broadband lines 16.8m 17.6m 18.5m  
         

For more information on our financial results go to the Results page.
For more information on our social and environmental performance go to the Better Future site.

Revenue  Operating costs  EBITDA

Adjusted earning per share  Free cash flow  Net debt

Proposed full year dividend  External revenue by line of business  Adjusted EBITA by line of business 

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.
a Items presented as adjusted are stated before specific items.
b EBITDA: Earnings before interest, taxation, depreciation and amortisation. 
c before purchases of telecommunications licences.
d before specific items, purchases of telecommunications licences, pension deficit payments and the cash tax benefit of pension deficit payments.