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Total
Shareholder Return (TSR) is the measure of the returns that
a company has provided for its shareholders, reflecting share
price movements and assuming reinvestment of dividends. It
is therefore, a good indicator of a company’s overall
performance.
Over
the last five years (as shown in the first TSR chart below),
BT’s TSR (as adjusted for the rights issue and demerger)
was negative 25% compared to a FTSE 100 TSR of positive 25%.
This was primarily due to a fall in BT’s share price
which, like many stocks in the telecoms, media and technology
(TMT) sector, declined in the early part of the period.
In
the period between the demerger on 19 November 2001 and 31
March 2006, BT’s TSR was negative 6%, compared to negative
15% for the FTSEurofirst 300 Telco Index and positive 31%
for the FTSE 100. BT has also outperformed the FTSEurofirst
300 Telco Index in the last 12 months with a return of 13.4%
compared to 1.6% for that index. |
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