BT Group Updates Fiscal Year 2023 Revenue Guidance on Eurosport JV
October 18 2022 - 05:23AM
Dow Jones News
By Michael Susin
BT Group PLC said Tuesday that it expects lower revenue for
fiscal 2023 on a pro-forma basis due to the formation of its Sports
Joint Venture between BT Sport and Eurosport UK.
The British telecommunications group said the completion of the
joint venture with Eurosport owner Warner Bros. Discovery Inc. on
Sept. 1 will reduce its revenue for the year ending March by 300
million pounds to 350 million pounds ($340.8 million and $397.6
million).
The company said the reduction comes on a pro-forma basis, with
revenue for fiscal 2021 and 2022 being reduced by GBP400 million
and GBP500 million, respectively.
However, it continues to expect sustainable revenue growth for
fiscal 2023 and beyond.
BT added that all other guidance items remains unchanged, and
that it doesn't expect a material impact on fiscal 2023 guidance
for adjusted earnings before interest, taxes, depreciation and
amortization--which strips out exceptional and other one-off
items--of at least GBP7.9 billion.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
October 18, 2022 05:08 ET (09:08 GMT)
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