Key points for the third quarter:
-Revenue of £5,038m, down 3%
-EBITDA[1] of £1,484m, up 7%
-Profit before tax[1] of £531m, up 30% (after specific items, up 111%)
-Earnings per share [1] of 5.4p, up 32% (after specific items, up 96%)
-Free cash flow[2] of £515m, up 69%
-Net debt of £8.7bn, down £1.4bn
-DSL broadband net additions of 188,000, 53% market share
-BT Global Services expected to generate operating cash flow of around £100m in 2010/11 and around £200m in 2011/12
Ian Livingston, Chief Executive, commenting on the results, said:
"Profits and cash flow in the quarter were ahead of last year. BT Retail had a good quarter with growth in business revenues and our highest share of DSL broadband net additions for eight years. Openreach benefited from a stronger broadband market and growth in its copper line base. BT Global Services is now expected to be cash flow positive this year, a year earlier than targeted.
"These results show that we are making progress on a number of fronts. There is always more to do but our performance underpins our outlook for this year and the period to 2012/13."
A conference call for analysts and investors will be held at 10:30am today and a simultaneous webcast will be available at www.bt.com/results.
The fourth quarter and full year results to 31 March 2011 are expected to be announced on 12 May 2011.
[1] Before specific items
[2] Before pension deficit payment of £525m (Q3 2009/10: £525m)
-Revenue of £5,038m, down 3%
-EBITDA[1] of £1,484m, up 7%
-Profit before tax[1] of £531m, up 30% (after specific items, up 111%)
-Earnings per share [1] of 5.4p, up 32% (after specific items, up 96%)
-Free cash flow[2] of £515m, up 69%
-Net debt of £8.7bn, down £1.4bn
-DSL broadband net additions of 188,000, 53% market share
-BT Global Services expected to generate operating cash flow of around £100m in 2010/11 and around £200m in 2011/12
Ian Livingston, Chief Executive, commenting on the results, said:
"Profits and cash flow in the quarter were ahead of last year. BT Retail had a good quarter with growth in business revenues and our highest share of DSL broadband net additions for eight years. Openreach benefited from a stronger broadband market and growth in its copper line base. BT Global Services is now expected to be cash flow positive this year, a year earlier than targeted.
"These results show that we are making progress on a number of fronts. There is always more to do but our performance underpins our outlook for this year and the period to 2012/13."
A conference call for analysts and investors will be held at 10:30am today and a simultaneous webcast will be available at www.bt.com/results.
The fourth quarter and full year results to 31 March 2011 are expected to be announced on 12 May 2011.
[1] Before specific items
[2] Before pension deficit payment of £525m (Q3 2009/10: £525m)
