May 9, 2019

BT to hold dividend even as telecom group boosts fibre investment

BT's new chief executive unveiled a wave of investment in fibre technology as the British telecoms group reported a slight decline in full-year profit but held its dividend and outlined the next stages of its turnround plan. The group on Thursday reported earnings before interest, taxation, depreciation and amortisation for the year to March 31 of £7.39bn, down 2 per cent but within the range of its previous guidance. Revenue slipped 1 per cent to £23.4bn, as declines in voice calls and regulated price reductions in its Openreach business weighed. The results are the first meaningful opportunity for Philip Jansen, the former Worldpay chief executive, to unveil his future vision for a company which has lost half its value over the past three years. BT unveiled guidance for 2019/2020 of adjusted revenue down 2 per cent and adjusted ebitda of £7.2bn - £7.3bn, in line with estimates from Berenberg.

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