BT Group to Explore Fiber JV as Rollout Accelerates
May 13 2021 - 2:55AM
Dow Jones News
By Adria Calatayud
BT Group PLC said Thursday that it will explore funding
additional broadband fiber deployments through a joint venture with
external parties, as it reported lower adjusted earnings and
revenue for the fourth quarter of fiscal 2021.
The U.K. telecommunications group said it is increasing its
fiber-rollout target to 25 million homes and businesses by December
2026 from 20 million previously. The company said it will explore
joint-venture structures over the first half of the current
financial year to fund the additional five million premises.
BT said adjusted earnings before interest, taxes, depreciation
and amortization--the company's preferred metric, which strips out
exceptional and other one-off items--for the quarter to March 31
fell to 1.81 billion pounds ($2.55 billion) from GBP2.01 billion
for the same period of fiscal 2020.
Adjusted revenue for the quarter fell to GBP5.29 billion from
GBP5.63 billion a year before.
Analysts expected BT to report quarterly adjusted Ebitda of
GBP1.83 billion on adjusted revenue of GBP5.29 billion, according
to consensus estimates provided by the company.
BT said it expects adjusted revenue for fiscal 2022 to be
broadly flat and adjusted Ebitda for fiscal 2022 to be between
GBP7.5 billion and GBP7.7 billion.
BT also said it has reached an agreement with its pension-plan
trustee that provides an enduring solution.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 13, 2021 02:40 ET (06:40 GMT)
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