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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