Results for the second quarter and half year to 30 september 2010
Key points for the second quarter:
- Adjusted revenue1 of £4,977m, down 3%
- Adjusted EBITDA1 of £1,452m, up 3%
- Adjusted profit before tax1 of £496m, up 13% (reported profit before tax of £406m, up 48%)
- Adjusted earnings per share1 of 5.1p, up 16% (reported earnings per share down 7% due to prior year tax credit)
- Free cash flow2 of £535m; £950m in the half year, up 63%
- Net debt2 of £8.7bn, down by £1.2bn
- Interim dividend of 2.4p per share, up 4%
- 2010/11 full year outlook raised:
- adjusted EBITDA1 expected to be around £5.8bn
- free cash flow1 expected to be £2bn
- Free cash flow1 in 2011/12 and 2012/13 expected to be above £2bn
Ian Livingston, Chief Executive, commenting on the results, said:
"We have made significant progress in improving profitability and cash flow, enabling us to invest in building the foundations for revenue growth in 2012/13.
"We have increased our EBITDA outlook for the year and now expect to hit our £2bn free cash flow target two years early.
"Global Services order intake was up 50% at £2.1bn. Our fibre roll out has passed three million premises and BT Infinity orders are now running at over 4,000 per week. BT Vision customers now stand at more than half a million, with more developments planned to enhance our offering. Our share of DSL broadband net additions was 45%, one of our highest shares ever."
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About BT (Germany) GmbH & Co. oHG
BT is one of the world's leading providers of communications solutions and services operating in over 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