BT 1st Half Pretax Profit Fell, Brings Forward Savings Target
November 04 2021 - 3:50AM
Dow Jones News
By Joe Hoppe
BT Group PLC said Thursday that pretax profit for the first half
of fiscal 2022 fell slightly together with revenue, but maintained
its outlook and brought forward its cost-savings target.
The U.K. telecommunications company said that for the six months
ended Sept. 30, pretax profit slipped to 1.01 billion pounds ($1.38
billion) from GBP1.06 billion, on the back of higher finance
expenses.
Revenue fell 3% to GBP10.31 billion, largely due to revenue
decline in its enterprise and global divisions though partially
offset by growth in Openreach.
Adjusted earnings before interest, taxes, depreciation and
amortization--the company's preferred profit metric, which strips
out exceptional and other one-off items--were GBP3.75 billion, up
from GBP3.72 billion for the same period a year earlier.
The company brought forward its fiscal 2025 savings target of
GBP2 billion in gross annualized savings to fiscal 2024 with
further savings planned in fiscal 2025, within the expected cost of
GBP1.3 billion. Peak capital expenditure from fiscal 2023 is
expected at GBP4.8 billion, from GBP5 billion.
The board declared an interim dividend of 2.31 pence a
share.
BT said that it was in-line with its fiscal 2022 and fiscal 2023
expectations.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
November 04, 2021 03:35 ET (07:35 GMT)
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