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Now, we are moving swiftly to take further action that will transform BT.
Action that:
image addresses the debt built up through pursuing our strategy;
image accepts the realities of the market;
image continues the process of separation by lines of business;
image creates two substantial listed companies; and
image keeps both companies focused on growth opportunities.
In April 2000, we began a radical restructuring of BT. We grouped some of our activities by market sector, rather than by geography, to create BT Wireless, BT Ignite, BTopenworld and Yell, four businesses with potential for high growth.

In October 2000, we split management of our UK communications services between BT Retail and BT Wholesale.

And, in November 2000, we announced our intention of seeking separate listings via initial public offerings for BT Wireless and Yell. We also stated our target of reducing our net debt by at least £10 billion by the end of 2001.
Financial headlines 2001     2000
Group turnover £20,427 m   £18,715m
Total operating profit (loss) £(336 )m   £3,198m
Profit (loss) before taxation £(1,031 )m   £2,942m
Profit before goodwill amortisation,
  exceptional items and taxation £2,072 m   £3,100m
Net cash flow from operating activities £5,887 m   £5,849m
Investment in telecommunications   licences,subsidiaries and ventures        
£18,709 m   £7,165m
Key achievements
image ADSL roll out extends to 839 exchanges at 31 March 2001
image New BT Together packages launched, 8 million customers now benefiting
image BT Cellnet’s customer base up 3.8 million in the year to 11.2 million at 31 March 2001
image BT Ignite’s integrated broadband enabled IP network covers more than 52,000 km in 12 countries
image Genie achieves around 4 million registered users world-wide
image Full control taken of Viag Interkom. Its mobile customer base rises to 3.7 million at 31 March 2001 – up 8 times in 12 months