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Annual Report > Report of the directors > Financial review > Share buyback


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 group’s 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.


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