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May 7, 2015

BT reports best ever quarter for Openreach amidst revenue dip

The telecom operator also saw profits up.

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BT saw a dip in its revenues but a rise in profits for the full-year and Q4 ending 31 March 2015.

The British telecom operator saw adjusted revenues for the quarter fall year-on-year to £4.709 billion from £4.748 billion. Revenues for the full-year fell to £17.851 billion from £18.287 billion.

Profit before tax for the quarter rose to £1.03 billion from £901 million. For the full-year, profits rose from £2.827 billion to £3.172 billion.

Among highlights in the results, BT also saw its best ever quarter for Openreach fibre broadband net connections. It made 455,000 new connections, a rise of 31%.

The quarter saw BT’s shareholders approve its acquisition of UK mobile operator EE.

"It’s been a ground-breaking year for BT, in which we’ve made some key decisions and announced some major investments to underpin the future growth of the business. Profit before tax and free cash flow have both grown strongly and we have delivered or beaten the outlook we set at the start of the year.

"We will continue to deliver on our investments and improve the service we provide to our customers. This year we recruited 2,500 new engineers and more than 500 new agents into our UK contact centres, with over 500 new apprentices across the group. Each of our customer-facing lines of business made improvements in service this year.

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"We have increased the speed of service delivery, repaired faults faster and fixed more customer issues first time. But we recognise we’re not yet where we want to be and this will continue to be a priority for us.

"We made further progress with transforming our costs, contributing to a 6% decline in operating costs4 in the fourth quarter. We’ve reorganised our business, increased productivity and streamlined our processes.

"Our performance during the year is reflected in our full year dividend, which is up 14%. Our results and the investments we are making position us well for the future and enable us to increase our free cash flow outlook for the coming year."

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