BT Group plc Results for the First Quarter to 30 June 2010
LONDON, July 29 /PRNewswire-FirstCall/ -- BT Group plc (BT.L) today announces its results for the first quarter to 30 June 2010. Unless otherwise stated, the changes in results are year on year against the first quarter to 30 June 2009.
Key points:
- Revenue of 5,006m pounds Sterling, down 4%
- Operating costs(1) reduced by 291m pounds
- Adjusted EBITDA(2) of 1,399m pounds, up 6%
- Adjusted profit before tax(2) of 446m pounds, up 17%
- Adjusted earnings per share(2) of 4.4p, up 16%, reported earnings per share of 3.7p, up 32%
- Free cash flow of 415m pounds, up 537m pounds
- Net debt of 8.9bn pounds, down by more than 1.6bn pounds
- Fibre roll out passes over 1.5m UK premises in July
- Full year outlook remains unchanged
Ian Livingston, Chief Executive, commenting on the first quarter results, said:
"We have made an acceptable start to the year, delivering improved financial results while investing in the future of the business. In TV we are offering great value premium sports packages and can now compete on a more even playing field. We hit the first major milestone in our fibre roll out, passing over 1.5m premises, and we are now running at an average rate of around 100,000 premises passed every week. In BT Global Services we continue to win significant contracts due to our ability to deliver a world class service to our customers.
"Despite the challenging environment, these financial results underpin our outlook for the full year."
(1) Before specific items, depreciation and amortisation |
|
(2) Before specific items |
|
Group results |
||||||
First quarter to 30 June |
||||||
2010 |
2009 |
Change |
||||
m pounds |
m pounds |
% |
||||
Revenue |
5,006 |
5,235 |
(4) |
|||
EBITDA |
||||||
– adjusted(1) |
1,399 |
1,326 |
6 |
|||
– reported |
1,348 |
1,285 |
5 |
|||
Operating profit |
||||||
- adjusted(1) |
670 |
588 |
14 |
|||
- reported |
619 |
547 |
13 |
|||
Profit before tax |
||||||
– adjusted(1) |
446 |
382 |
17 |
|||
– reported |
375 |
272 |
38 |
|||
Earnings per share |
||||||
– adjusted(1) |
4.4p |
3.8p |
16 |
|||
– reported |
3.7p |
2.8p |
32 |
|||
Capital expenditure |
523 |
559 |
(6) |
|||
Free cash flow |
415 |
(122) |
n/m |
|||
Net debt |
8,879 |
10,517 |
(16) |
|||
Line of business results |
||||||||||
Adjusted revenue(2) |
Adjusted EBITDA(1) |
Operating cash flow |
||||||||
First quarter to |
2010 |
2009(2) |
Change |
2010 |
2009(3) |
Change |
2010 |
2009(3) |
Change |
|
30 June |
m pounds |
m pounds |
% |
m pounds |
m pounds |
% |
m pounds |
m pounds |
% |
|
BT Global Services |
2,007 |
2,079 |
(3) |
130 |
62 |
110 |
(38) |
(465) |
92 |
|
BT Retail |
1,925 |
2,068 |
(7) |
442 |
452 |
(2) |
293 |
328 |
(11) |
|
BT Wholesale |
1,059 |
1,126 |
(6) |
339 |
338 |
- |
217 |
121 |
79 |
|
Openreach |
1,200 |
1,255 |
(4) |
511 |
475 |
8 |
225 |
229 |
(2) |
|
Other and intra-group |
||||||||||
items |
(1,185) |
(1,293) |
8 |
(23) |
(1) |
n/m |
(282) |
(335) |
16 |
|
Total |
5,006 |
5,235 |
(4) |
1,399 |
1,326 |
6 |
415 |
(122) |
n/m |
|
(1) Before specific items. Specific items are defined below (2) Adjusted for the impact of customer account moves and the impact of changes in the internal trading model. See page 4 (3) Restated for the impact of customer account moves. See page 4 n/m = "not meaningful" |
||||||||||
Notes:
Unless otherwise stated, any reference to earnings before interest, tax, depreciation and amortisation (EBITDA), operating profit, operating costs, profit before tax and earnings per share (EPS) are measured before specific items. From Q1 2010/11 onwards, specific items also include net interest on pensions due to the volatile nature of this item. The commentary focuses on the trading results before specific items. This is consistent with the way that financial performance is measured by management and is reported to the Board and the Operating Committee and assists in providing a meaningful analysis of the trading results of the group. The directors believe that presentation of the group's results in this way is relevant to the understanding of the group's financial performance as specific items are significant one-off or unusual in nature and have little predictive value. Specific items may not be comparable to similarly titled measures used by other companies.
Unless otherwise stated, the change in results is year on year. Reported EBITDA, reported operating profit, reported profit before tax and reported EPS are the equivalent statutory measures.
About BT
BT is one of the world's leading providers of communications solutions and services operating in more than 170 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to our customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services. BT consists principally of four lines of business: BT Global Services, BT Retail, BT Wholesale and Openreach.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.
For more information, visit www.btplc.com.
SOURCE BT
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