BT Group CEO Philip Jansen (pictured) insisted the operator remained on the front foot in turbulent times, but warned it had to act on rising energy costs and the current inflationary environment to maintain cashflow and support network investments.
In a statement for its H1 and fiscal Q2 2022 earnings through to 30 September, Jansen explained it was raising its cost savings target from £2.5 billon to £3 billion by the end of full-year 2025 due to market conditions.
BT added it would push ahead with inflation linked price rises in 2023.
Its cost saving effort is heavily linked to an aggressive fibre build. The company said it had reached 8.8 million premises, increasing at a pace of 62,000 a week, with capex of £5 billion £200 million above expectations.
The company’s 5G base hit at 8.2 million, doubling year-on-year, while next-generation enterprise connections were up 90 per cent.
“We remain laser focused on modernising and simplifying BT Group,” said Jansen.
Fiscal Q2 revenue was flat at £5.2 billion, with a 4 per cent rise to £1.4 billion from its network unit Openreach unit offset by drops in its Enterprise and Global divisions.
It did not break out a profit figure for the quarter, but adjusted EBITDA increased 5 per cent to £2 billion.
The results were boosted by improved fixed and mobile service revenue, explained BT, which was largely down to annual contractual price rises and higher roaming revenue.
BT increased its mobile and broadband prices in April in line with the consumer price index, plus implementing a further 3.9 per cent rise.Subscribe to our daily newsletter Back