BT Group Sees Fiscal Year 2024 Growth in Earnings, Revenue
May 18 2023 - 2:56AM
Dow Jones News
By Adria Calatayud
BT Group said Thursday that it expects revenue and earnings to
grow in the year ahead on a pro forma basis after it reported a
lower pretax profit for fiscal 2023 due to increased
depreciation.
The U.K. telecommunications group said pretax profit for the
year to March 31 was 1.73 billion ($2.16 billion) compared with
GBP1.96 billion in fiscal 2022, citing increased depreciation from
its network and special items. Analysts expected BT to report
fiscal 2023 pretax profit of GBP1.92 billion, according to a
company-provided consensus.
Revenue for the year declined to GBP20.68 billion from GBP20.85
billion a year before.
For the fourth quarter, BT said adjusted earnings before
interest, taxes, depreciation and amortization rose 10% to GBP2.05
billion. Quarterly adjusted revenue fell to GBP5.09 billion from
GBP5.17 billion, driven by drops in its consumer and enterprise
segments.
This beat expectations for a quarterly adjusted Ebitda of
GBP1.98 billion on adjusted revenue of GBP5.06 billion, according
to consensus estimates provided by the company
In addition to pro forma growth in fiscal 2024 revenue and
Ebitda, BT said it expects capital expenditure excluding spectrum
of between GBP5.0 billion and GBP5.1 billion and normalized free
cash flow of GBP1.0 billion to GBP1.2 billion.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 18, 2023 02:41 ET (06:41 GMT)
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