31st Oct 2019 09:17
(Alliance News) - BT Group PLC on Thursday said it is on track to meet its full-year expectations but reported a slight first-half revenue and profit declines.
In the six months to September 30, revenue fell by 1.0% year-on-year to GBP11.47 billion from GBP11.59 billion. Pretax profit was down by 0.5% to GBP1.33 billion from GBP1.34 billion.
The telecommunications giant attributed the revenue fall to the "impact of regulation, declines in legacy products, and strategically reducing low margin business".
BT held its interim dividend of 4.62 pence per share.
Chief Executive Phillip Jansen said: "BT delivered results in line with our expectations for the second quarter and first half of the year, and we remain on track to meet our outlook for the full year."
During the half year, BT made 5G network mobile plans available on its BT Mobile and EE brands. Over 600 EE and BT dual-branded stores were introduced to UK high streets, BT said.
The company also reported progress in its Openreach network division, which is managed at arms length as the UK's primary owner of broadband cable and fibre.
Jansen added: "Openreach is significantly accelerating its pace of fibre to the premises build and is now passing a home or business every 26 seconds. Openreach announced a further 29 locations in its build plan to reach 4 million premises by March 2021. We continue to make positive progress with government and [regulator] Ofcom on the enablers to stimulate further investment in full fibre."
BT shares were 0.6% higher at 203.22 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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