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     Operating and Financial Review
     Business Review

The Business review is divided into the following sections:
Introduction
Group structure
Group strategy
Build on our networked IT services capability
Deliver on Broadband
Create convergent mobility solutions
Defend our traditional business vigorously
Drive for cost leadership
Keep a relentless focus on improving customer satisfaction
Transform our network for the twenty-first century
Motivate our people and live the BT values
Research and development and IT support
Property
Regulation, competition and prices
Relationship with HM Government
Legal proceedings
 

Please see cautionary statement regarding forward-looking statements.

All customer numbers are given as at 31 March 2005, unless stated otherwise.
  The definition, reconciliation and reasons for disclosing EBITDA (earnings before interest, taxation, depreciation and amortisation) are discussed in the Financial review.


 

 

 

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