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February 10, 2010

BT Q3 revenue down 4% to £5.2bn

Expects adjusted EBITDA to out turn at around £5.7bn for full year

By CBR Staff Writer

Telecoms operator BT Group reported revenue of £5.2bn for the third quarter of 2009, compared to £5.44bn for the same period last year. Revenue was down 4% reflecting the challenging market conditions and the trends seen in previous quarters.

Ian Livingston, chief executive of BT, said: “These results show that we are making progress. There is still a lot more to be done but our commitment to improved customer service and cost transformation is starting to deliver results and freeing up resources to invest in our future. In particular, we are one of Europe’s largest investors in super-fast fibre-based broadband and this will bring huge benefits to our customers and the UK.”

For the quarter ended December 31, 2009, adjusted EBITDA was £1.44bn, an increase of 11%, compared to £1.3bn for the same quarter a year ago. The increase was largely due to improvement in BT Global Services.

The company posted an adjusted operating profit of £690m, up 19% compared to £578m in the same period last year. Operating costs and capital expenditure reduced by £702m in the quarter. The company’s pre-tax profits rose by 158% to £209m, compared to £81m for the same period last year.

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BT Global Services revenue decreased by 3% to £2.12bn. The decline reflects a continuation of trends seen throughout the year including the impact of mobile termination rate reductions, lower wholesale call volumes in continental Europe, declines in UK calls and lines revenue and the economic conditions.

BT Retail revenue declined by 5% to £2,061m, while BT Wholesale revenue declined by 8% to £1,092m largely as a result of the impact of mobile termination rate reductions.

The company forecasts full-year adjusted EBITDA to out turn at around £5.7bn, capital expenditure to be around £2.5bn and free cash flow is expected to be around £1.7bn for the full year.

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