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Mike’s key messages to AGM
Wednesday July 16th 2008. Posted: 11:30
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Mike Rake pictured today addressing BT shareholders for the first time since being appointed chairman
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BT chairman Mike Rake said today (Wednesday) that BT’s future as a company is based on its ability to transform itself from a fixed-line business to a software-driven global communications services company.
That was the key message delivered by Mike in his first address to the company’s shareholders since taking over the chairmanship of the company. Speaking at BT’s annual general meeting at the Barbican Centre in London, Mike was quick to praise former chief executive Ben Verwaayen, before noting that new chief executive Ian Livingston “is determined that the next few years will be even more exciting and innovatory than the last few”. Mike described last year’s performance by BT as “strong”, saying: “Our revenues grew by two per cent to over £20.7 billion, our pre-tax profit was £2.5 billion, and earnings per share were up five per cent to 23.9p. I am delighted to confirm that we have announced a full year dividend of 15.8p - up more than 85 per cent from five years ago.” Mike also confirmed that, looking forward, BT expects to deliver continued growth in revenue, earnings before interest, tax, depreciation and amortisation (EBITDA), earnings per share, and dividends per share in the current financial year. On the regulatory environment, Mike called for “a consistent and principles-based approach to regulation wherever we operate around the world.” He said he also looked forward to seeing more deregulation “to reflect the emergence of sustainable competition in the UK”. Referring to BT’s announcement yesterday of a £1.5 billion investment in super-fast broadband over the next four years, Mike said: “It is critical that we have a regulatory regime in place that encourages investment and innovation in next generation networks." He added: “We look forward to governments in the European Union adopting more appropriate regulatory stances.”
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Last updated:
11:55