Jul 31, 2020

UK telecoms group BT warns of Covid-19 pressure on full-year profit

BT has warned of a sharp drop in revenue and earnings for the year due to the impact of coronavirus as it reported a 13 per cent fall in quarterly profits. The FTSE 100 telecoms group said its revenue fell 7 per cent to £5.2bn in the three months to June 30, with pre-tax profits declining to £561m. It had earlier this year withdrawn its full-year profit guidance and suspended its dividend as the pandemic made it difficult for management to accurately forecast the group's performance. BT said on Friday that it now expected revenues, adjusted to exclude certain items, to fall 5 per cent to 6 per cent in the year to March 2021. Adjusted earnings before interest, taxes, depreciation and amortisation are expected to fall to £7.2bn to £7.5bn, from £7.9bn during the previous financial year. He will be replaced by Rob Shuter, a former Vodafone executive who has run South African telecoms company MTN for four years.

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