BT.A Bt Group Plc

By Dominic Chopping

BT Group on Thursday backed its full-year guidance and said revenue and adjusted Ebitda in its fiscal first quarter rose as the flow through from revenue and continued strong cost control more than offset cost inflation.

The British telecommunications group said pretax profit for the three months to June 30 was 536 million pounds ($693.7 million) compared with GBP482 million for the same period last year.

Adjusted earnings before interest, taxes, depreciation and amortization--which strips out exceptional and other one-off items--for the quarter was GBP2.03 billion compared with GBP1.95 billion a year before. Analysts had forecast an adjusted Ebitda of GBP2.0 billion, according to a company-compiled consensus.

Adjusted revenue for the quarter was GBP5.16 billion compared with GBP4.98 billion. Analysts had forecast revenue for the period of GBP5.12 billion.

"We've made a strong start to the year, in what remains a very competitive market," Chief Executive Philip Jansen said. "While there remains much to do it's clear that our strategy is working," he added.

The company still sees revenue and Ebitda growth in its fiscal full year on a pro-forma basis, capital expenditure excluding spectrum of GBP5.0 billion-GBP5.1 billion, and normalized free cash flow of GBP1.0 billion-GBP1.2 billion.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

July 27, 2023 02:47 ET (06:47 GMT)

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