Thursday preview: BT's annual results in focus
By Benjamin Chiou
Date: Wednesday 21 May 2025
(Sharecast News) - Full-year results from telecoms titan BT will be the headline-grabbing event of the day on Thursday, with investors keen to find out whether Allison Kirby's profitability drive has paid off.
BT last updated the market in January, when it reiterated its guidance for 1-2% revenue growth over the 12 months ended 31 March, compared with the £20.80bn generated the year before.
Adjusted EBITDA is tipped to come in at £8.2bn, up marginally from £8.1bn previously, while normalised free cash flow (NFCF) is expected to by £1.5bn, up from £1.28bn.
The company also kept its mid-term targets for "sustained adjusted revenue growth and EBITDA growth ahead of revenue", enhanced by so-called "cost transformation" as well as limitations on capital spending.
As part of Kirby's plans announced last May, BT is also looking to lift NFCF to £2.0bn by FY27 and to £3.0bn by the end of the decade.
"Unlike its sector peer Vodafone, the BT Group share price has moved steadily higher over the last 12 months with the shares up over 75% in the last 12 months and back at levels last seen in the summer of 2022," said analyst Michael Hewson from MCH Market Insights.
"The gains have been slow and steady as new CEO Allison Kirby focussing on profitability with the Openreach fibre rollout continuing apace, with another 1m premises added to the FTTP build rate in Q3, bringing the total number to 17m with a view to reaching 25m by the end of next year."
As for economic data, business sentiment figures in Germany released by the IFO Institute will be closely watched in morning trade, while the latest jobless claims and existing-home sales data will be published Stateside in the afternoon.
Thursday May 22
INTERIMS
Impax Asset Management Group
INTERIM EX-DIVIDEND DATE
Bellway, BlackRock Greater Europe Inv Trust, Cardiff Property, Town Centre Securities
QUARTERLY EX-DIVIDEND DATE
Seplat Energy (DI), Vaalco Energy, Inc (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Existing Home Sales (US) (15:00)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
Initial Jobless Claims (US) (13:30)
Q4
BT Group
FINALS
BT Group, easyJet, Johnson Matthey, Picton Property Income Ltd, Tate & Lyle
SPECIAL DIVIDEND PAYMENT DATE
Savills
AGMS
Aferian, Ashtead Technology Holdings, Bakkavor Group , Bank of Ireland Group (CDI), Coca-Cola Europacific Partners (DI), Convatec Group , Dunedin Income Growth Inv Trust, East Star Resources, Energean , Ferrexpo, Glenveagh Properties (CDI), Headlam Group, Henry Boot, Intertek Group, IQ-AI Limited, Judges Scientific, Legal & General Group, M Winkworth, Mercantile Investment Trust (The), Norman Broadbent , Petershill Partners , Pharos Energy , Quilter, Real Estate Investors, Sabre Insurance Group, Seneca Growth Capital Vct, Shaftesbury Capital, Shield Therapeutics, Spectris, Tullow Oil, Yu Group , Zinc Media Group, Zotefoams
TRADING ANNOUNCEMENTS
Convatec Group
UK ECONOMIC ANNOUNCEMENTS
Public Sector Net Borrowing (07:00)
FINAL DIVIDEND PAYMENT DATE
Aviva, Bridgepoint Group (Reg S) , ITV, Luceco , Savills, Secure Trust Bank
FINAL EX-DIVIDEND DATE
Andrews Sykes Group, Aptitude Software Group , Bunzl, Burford Capital NPV (DI), Fintel, Ingenta, Keller Group, Kingfisher, Midwich Group, Mincon Group (CDI), RHI Magnesita N.V. (DI), Science Group , Spire Healthcare Group, Whitbread
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