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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.

  2013/14 2014/15 2015/16 2016/17 2017/18 YoY
Revenue1 £18,287m £17,840m £18,879m £24,082m £23,746m -1%

Underlying revenue2 excluding transit
+0.5% -0.4% +1.9% -0.2% -1%  
EBITDA1  £6,116m £6,193m £6,459m  £7,645m £7,505m -2%
Profit before taxation1  £2,827m £3,094m £3,351m  £3,532m £3,444m -2%
Earnings per share1  28.2p 30.6p 31.8p  28.9p 27.9p -3%
Full year dividend 10.9p 12.4p 14.0p 15.4p 15.4p unchanged
Capital expenditure3 £2,346m £2,317m £2,622m £3,454m £3,522m +2%
Normalised free cash flow4 £2,450m £2,830m £3,098m £2,782m £2,973m +7%
Net debt £7,857m £5,113m £9,838m £8,932m £9,627m +8%
Customer service improvement +1.5% +4.7% -3.0% +6.4% +4.3%  
Our people 87,800 88,500 102,500 106,400 105,800  
BT retail broadband customers 7.3m 7.7m 9.0m 9.3m 9.3m  
  • of which fibre
2.1m 3.0m 4.1m 4.9m 5.7m  
Total Openreach broadband lines 18.5m 19.3m 19.9m 20.4m 20.7m  
  • of which fibre
2.7m 4.2m 5.9m 7.7m 9.8m  

Trend in underlying revenue excluding transit

 Year ended 31 March

Underlying revenue

Customer service improvement

At 31 March

Customer improvement

Adjusted earnings per share

Year ended 31 March

Earnings per share

Normalised free cash flow

Year ended 31 March

Free cash flow   

For more information on our financial results visit our Investor section.
For more information on our social and environmental performance visit our Purposeful business section.

EBITDA: Earnings before interest, taxation, depreciation and amortisation. 
1 Before specific items.
2 Excludes specific items, foreign exchange movements and disposals and is calculated as though EE had been part of the group from 1 April 2015.
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.