Jul 27, 2018

BT reaffirms guidance after stemming earnings decline

BT has reaffirmed its profit guidance for the year after stemming its earnings decline in the first quarter of the year. The telecoms company said that adjusted earnings before interest, taxation, depreciation and amortisation rose 1 per cent to £1.8bn driven by cost cuts. EBITDA declined 3.4 per cent in the comparable quarter and the rate of decline grew over the year. Revenue dropped 2 per cent to £5.7bn while its pretax profit, before exceptional items, rose 3 per cent to £816m. The company reiterated its guidance for a 2 per cent drop in revenue this year with EBITDA between £7.3bn and £7.4bn. Gavin Patterson, the outgoing chief executive of the company, said: "We've made a good start to the year. We are making positive progress against our strategy." BT's consumer business grew 2 per cent in the quarter as it pushed its convergence strategy to sell more mobile and fixed products together under the 'BT Plus' brand.

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