BT Group 1Q 2021 Revenue, Adjusted Earnings Fell But Beat Expectations
July 31 2020 - 2:54AM
Dow Jones News
By Adria Calatayud
BT Group PLC said Friday that revenue and adjusted earnings for
the first quarter of fiscal 2021 both fell but by less than
expected, as the company issued full-year guidance and said it
expects a return to earnings growth beyond this year.
The U.K. telecommunications group said it expects adjusted
earnings before interest, taxes, depreciation and amortization--the
company's preferred metric, which strips out exceptional and other
one-off items--for the year ending March 31, 2021 to be between 7.2
billion and 7.5 billion pounds ($9.30 billion-$9.82 billion).
Adjusted revenue for the year is expected to fall between 5% and
6%, the company said.
For the quarter to June 30, BT made a pretax profit of GBP561
million compared with GBP642 million for the year-earlier
period.
BT's adjusted Ebitda fell 7.4% to GBP1.81 billion, against
expectations of GBP1.75 billion, according to company-provided
consensus estimates.
Quarterly revenue fell to GBP5.25 billion from GBP5.63 billion,
exceeding consensus expectations of GBP5.16 billion, the company
said.
"Despite our strong operational performance in the first three
months of the year, it is clear that Covid-19 will continue to
impact our business as the full economic consequences unfold,"
Chief Executive Philip Jansen said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 31, 2020 02:39 ET (06:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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