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Results for the second quarter and half year to 30 september 2010
Key points for the second quarter:
- Adjusted revenue1 of £4,977m, down 3%
- Adjusted EBITDA1 of £1,452m, up 3%
- Adjusted profit before tax1 of £496m, up 13% (reported profit before tax of £406m, up 48%)
- Adjusted earnings per share1 of 5.1p, up 16% (reported earnings per share down 7% due to prior year tax credit)
- Free cash flow2 of £535m; £950m in the half year, up 63%
- Net debt2 of £8.7bn, down by £1.2bn
- Interim dividend of 2.4p per share, up 4%
- 2010/11 full year outlook raised:
- adjusted EBITDA1 expected to be around £5.8bn
- free cash flow1 expected to be £2bn
- Free cash flow1 in 2011/12 and 2012/13 expected to be above £2bn
Ian Livingston, Chief Executive, commenting on the results, said:
"We have made significant progress in improving profitability and cash flow, enabling us to invest in building the foundations for revenue growth in 2012/13.
"We have increased our EBITDA outlook for the year and now expect to hit our £2bn free cash flow target two years early.
"Global Services order intake was up 50% at £2.1bn. Our fibre roll out has passed three million premises and BT Infinity orders are now running at over 4,000 per week. BT Vision customers now stand at more than half a million, with more developments planned to enhance our offering. Our share of DSL broadband net additions was 45%, one of our highest shares ever."
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