Nov 1, 2018

BT restructuring starts to pay off for profits

The restructuring work at BT has started to deliver early gains after the UK telecoms company said that full-year profit would be at the higher end of its forecast range. Shares in the company rose by 9.3 per cent to 262.9p in early Thursday trading as investors welcomed a better operational performance and a slightly bolder outlook. The stronger outlook came against a backdrop of revenue dipping 2 per cent to £11.6bn, capital expenditure rising and free cash flow falling 22 per cent. BT's restructuring plan is its response to a prolonged period of turmoil for the company, both operational and financial, that lasted for two years. Sales at its wholesale and ventures business shrank 8 per cent while Global Services, its problematic international arm, declined 7 per cent.

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