BT Group on track for FY despite lower third quarter profits
By Frank Prenesti
Date: Thursday 04 Feb 2021
(Sharecast News) - British telecoms operator BT Group said it was on track to meet full-year forecasts despite a fall in third quarter core earnings.
"We delivered results in line with our expectations for the third quarter and remain on track to deliver our 2020/21 outlook despite even greater Covid-19 restrictions than previously forecast," said chief executive Philip Jansen.
The UK's biggest broadband and mobile operator on Thursday reported a 5% fall in both core earnings and revenue to £1.88bn and 5.47bn respectively as the closure of retail stores, pubs and clubs for large parts of the period hit income.
BT added that mobile revenues for the period were also impacted by reduced roaming, amid a sharp decline in travel.
Pre-tax profits for the nine months to December 31 fell 17% to £1.6bn.
BT maintained its outlook for full-year core earnings at £7.3bn - £7.5bn. It raised the lower end of free cash flow estimates to £1.3bn for a new range of £1.3bn -£1.5bn.
The company said its Openreach arm had now installed 5G masts in 125 towns and cities and laid optical fibre to the premises (FTTP) for four million homes and offices and was completing around 17,000 FTTP orders a week.
"With no material impact expected from the Brexit deal and our resilient results so far this year I remain confident in our EBITDA expectation of at least £7.9bn for 2022/23," Jansen said.
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