During the 2007 financial year the share buy back programme
continued with the group repurchasing 148 million shares
for consideration of £401 million. During 2006 and
2005, the group repurchased 166 million and 101 million
shares for consideration of £360 million and £195
million respectively. Taking into account the groups
net debt level and the strong cash flow generation, we
have decided to introduce a new £2.5 billion share
buy back programme whilst increasing dividends and continuing
to invest in the growth of the business. The buy back
programme is expected to be completed by 31 March 2009.
BT seeks to maintain a solid investment grade credit rating
whilst continuing to invest for the future and with an
efficient balance sheet further enhance shareholder value.