Nov 4, 2021
BT updates savings target and trims spending outlook
BT has brought forward its cost-savings target and shaved its peak capital expenditure outlook as the UK telecoms company awaits the next move by its largest shareholder, billionaire Patrick Drahi. The company said it would achieve an additional £2bn of cost savings by the end of its financial year in 2024 at no extra cost, a year ahead of plan. It also lowered its outlook for capital expenditure in the financial year to 2023 by £200m to £4.8bn. The cost-cutting plan was launched in 2018 but has been given added urgency by the emergence this year of Drahi's Altice as a 12 per cent shareholder. Philip Jansen, BT's chief executive, struck a confident tone. BT plans to spend £15bn upgrading its national network to fully fibre-optic lines but has abandoned plans to find outside financial partners to help fund an expansion of fibre into rural areas.
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