Share Name Share Symbol Market Type Share ISIN Share Description
BT Group LSE:BT.A London Ordinary Share GB0030913577 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.45p -0.79% 308.35p 308.55p 308.60p 314.65p 307.30p 311.60p 17,711,227 16:35:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Fixed Line Telecommunications 24,062.0 2,354.0 19.2 16.1 30,713.17

BT Cuts 4,000 Jobs and CEO Bonus as Profit Falls -- Update

11/05/2017 8:54am

Dow Jones News


BT Group (LSE:BT.A)
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3 Months : From Apr 2017 to Jul 2017

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By Rory Gallivan 

LONDON-- BT Group PLC said Thursday it will cut 4,000 jobs as part of a restructuring exercise and not pay its chief executive a bonus as it reported a fall in fourth-quarter pretax profit.

The U.K.-based telecommunications and TV provider said the job cuts come as it accelerates cost cuts in areas including global services, which provides communications services to businesses around the world.

The company reported a pretax profit of GBP440 million ($568 million) for the three months ended March 31, down from GBP845 million the previous year, on revenue up to GBP6.12 billion from GBP5.57 billion.

The final dividend rises 10% to 10.55 pence.

BT said chief executive Gavin Patterson and outgoing finance director Tony Chanmugam won't receive a bonus for the year ended March 31, a period marred by accounting irregularities in its Italian business, issues related to the U.K. infrastructure business Openreach and other challenges.

Mr. Patterson will receive GBP1.3 million for the period, down from GBP5.3 million the previous year, while Mr. Chanmugam's total payment falls to GBP258,000 from GBP2.8 million.

BT said it expects underlying revenue to be broadly flat for the current financial year.

Write to Rory Gallivan at rory.gallivan@wsj.com

 

(END) Dow Jones Newswires

May 11, 2017 03:39 ET (07:39 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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