BT CEO Philip Jansen pointed to 5G and fibre progress, as the company recorded a slight decline in revenue during fiscal Q2 due to regulation impact, declines in legacy products and a strategy shift on low margin businesses.
In a statement announcing its half year results, Jansen said BT was on track to meet its outlook for the full year, despite the small dip, and noted the company had “invested to strengthen our competitive position” during the period.
In addition to its 5G launch through MVNO BT Mobile earlier this month, the company is also pushing its fibre ambitions, with its fixed Openreach unit announcing a further 29 locations in a wider plan to reach 4 million premises by March 2021.
Jansen said the company also continued to make progress on a long-running modernisation agenda, “delivering over £1.1 billion in annualised costs savings”.
Getting down to the numbers, revenue for the quarter ending 30 September reached £5.8 billion, down from £5.9 billion in the same quarter last year. Half year revenue was down 1 per cent, at £11.5 billion, while reported profit before tax was recorded at £1.3 billion, broadly flat year on year.
Revenue from BT’s consumer unit, which includes the UK’s largest operator EE, reached £2.6 billion, broadly flat with last year’s figures.
The proposed sales are part of Jansen’s cost-cutting programme, with the aim of slimming down global services and focus on core operations.Subscribe to our daily newsletter Back