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
  -2.90p -1.09% 264.10p 263.75p 263.80p 268.25p 261.60p 267.50p 28,646,229 16:35:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Fixed Line Telecommunications 24,062.0 2,354.0 19.2 13.8 26,203.55

BT Group PLC Half-year Report

02/11/2017 7:00am

UK Regulatory (RNS & others)


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RNS Number : 3295V

BT Group PLC

02 November 2017

BT Group plc

Results for the second quarter to 30 September 2017

2 November 2017

BT Group plc (BT.L) today announced its results for the second quarter and half year to 30 September 2017.

Key developments for the quarter

Strategic:

   --     Bringing together BT Consumer and EE is progressing well under new leadership team 

-- Openreach consultation identified broad industry support and key enablers for a large-scale FTTP broadband network

   --     Voluntary offer made to deliver the Government's goal for universal broadband access 

-- Continued improvement in customer experience metrics; Group NPS(1) up 3.8 points and Right First Time up 2.3%

   --     Transformation programme and restructuring initiatives on track 

-- Review of future pension benefits continues and we expect to consult with affected employees on proposed changes shortly

Operational:

-- BT Consumer revenue generating units per customer increased 3% to 2.01; monthly mobile ARPU up 9% to GBP20.9

   --     Mobile postpaid net subscriber additions of 279,000, with low churn of 1.2% 

-- Openreach fibre connections remain high at 505,000, with fibre broadband now passing 27.1m UK premises

-- Order intake up 22% to GBP3.8bn for Business and Public Sector and up 32% to GBP1.8bn for Wholesale and Ventures,

on a 12-month rolling basis

   --     Taking robust actions to improve the performance of Global Services 

Financial:

   --     Reported revenues down 1% to GBP5,949m and underlying(2) revenue down 1.5% 

-- Adjusted(2) EBITDA decreased 4% to GBP1,811m, reflecting investment in sports rights and customer experience, along with higher pension costs, business rates and decline in Global Services partly offset by cost savings

-- Net cash inflow from operating activities of GBP1,270m down GBP464m, and normalised free cash flow(2) of GBP689m down GBP205m due to working capital phasing and higher capital expenditure

-- Interim dividend for future years set at 30% of prior year's full year dividend. Interim dividend for this year held flat at 4.85 pence per share. Progressive dividend policy unchanged

   --     Full year outlook maintained 
 
 Gavin Patterson, Chief Executive, commenting on 
  the results, said 
  "Our first half results are in line with our expectations 
  as encouraging results in our consumer facing lines 
  of business, notably EE, helped offset ongoing 
  challenges in our enterprise divisions, in particular 
  Global Services. Given our underlying business 
  performance, we are maintaining our outlook for 
  the year. 
 
  "As the UK's leading converged telecommunications 
  provider we continue to make positive progress 
  on all our strategic priorities. Improving customer 
  experience is critical to our success and we have 
  seen continued positive progress underpinned by 
  investments in operational improvements, increased 
  network quality and customer-centric product development. 
  Our integration and restructuring programmes are 
  also on track to deliver run-rate savings of GBP250m 
  and GBP150m respectively by the end of this year. 
  We are working closely with the UK Government, 
  Ofcom and our Communications Provider partners 
  to find the right solutions to accelerate the deployment 
  of fibre and our universal broadband commitment. 
  We are committed to delivering ultrafast speeds 
  to 12 million premises by the end of 2020. 
 
  "From next year the interim dividend per share 
  will be fixed at 30% of the prior year's full year 
  dividend. However, in this transitional year, we 
  are proposing to hold our interim dividend at 4.85 
  pence per share. Our progressive dividend policy 
  remains unchanged." 
===========================================================================  ============ 
                                        Second quarter               Half year to 
                                               to                     30 September 
                                          30 September                    2017 
                                              2017 
=================================   =====================  ============================== 
                                        GBPm    Change(4)              GBPm     Change(4) 
=================================   ========  ===========  ================  ============ 
 Reported measures 
 Revenue                               5,949         (1)%            11,786             - 
 Profit before tax                       666         (1)%             1,084         (22)% 
 Basic earnings per share               5.3p         (7)%              8.2p         (29)% 
 Net cash inflow from 
  operating activities                 1,270    GBP(464)m             2,585     GBP(483)m 
 Interim dividend                                                     4.85p             - 
 
 Adjusted measures 
 Change in underlying(2) 
  revenue excluding transit                        (1.5)%                          (0.7)% 
 Adjusted(2) EBITDA                    1,811         (4)%             3,596          (3)% 
 Change in underlying(2) 
  EBITDA                                           (4.1)%                          (3.3)% 
 Adjusted(2) profit 
  before tax                             789        (10)%             1,580          (6)% 
 Adjusted(2) basic 
  earnings per share                    6.4p        (11)%             12.7p          (8)% 
 Normalised free cash 
  flow(2)                                689    GBP(205)m             1,245      GBP(97)m 
 Net debt(2)                                                          9,520   GBP(47)m(3) 
==================================  ========  ===========  ================  ============ 
 
 

(1) Group NPS measures Net Promoter Score in our retail businesses and Net Satisfaction in our wholesale businesses

(2) See Glossary on page 2

(3) Revised, see note 1 to the condensed consolidated financial statements (4) Measured against the comparative period in the prior year

Group results for the second quarter to 30 September 2017

 
                                       Second quarter                  Half year 
                                       to 30 September              to 30 September 
===========================  ===========================  ============================= 
                                 2017     2016    Change     2017       2016     Change 
                                 GBPm     GBPm         %     GBPm       GBPm          % 
===========================  ========  =======  ========  =======  =========  ========= 
 Revenue 
 - reported                     5,949    6,007       (1)   11,786     11,782          - 
 - adjusted(1)                  5,951    6,053       (2)   11,800     11,828          - 
 - change in underlying(1) 
  revenue excluding 
  transit                                          (1.5)                          (0.7) 
===========================  ========  =======  ========  =======  =========  ========= 
 EBITDA 
 - reported                     1,742    1,739         -    3,209      3,524        (9) 
 - adjusted(1)                  1,811    1,888       (4)    3,596      3,706        (3) 
 - change in underlying(1) 
  EBITDA                                           (4.1)                          (3.3) 
===========================  ========  =======  ========  =======  =========  ========= 
 Operating profit 
 - reported                       850      870       (2)    1,452      1,800       (19) 
 - adjusted(1)                    919    1,019      (10)    1,839      1,982        (7) 
===========================  ========  =======  ========  =======  =========  ========= 
 Profit before tax 
 - reported                       666      671       (1)    1,084      1,388       (22) 
 - adjusted(1)                    789      873      (10)    1,580      1,675        (6) 
===========================  ========  =======  ========  =======  =========  ========= 
 Basic earnings per 
  share 
 - reported                      5.3p     5.7p       (7)     8.2p      11.6p       (29) 
 - adjusted(1)                   6.4p     7.2p      (11)    12.7p      13.8p        (8) 
===========================  ========  =======  ========  =======  =========  ========= 
 Interim dividend                                           4.85p      4.85p          - 
===========================  ========  =======  ========  =======  =========  ========= 
 Capital expenditure              858      803         7    1,693      1,580          7 
===========================  ========  =======  ========  =======  =========  ========= 
 Normalised free cash 
  flow(1)                         689      894      (23)    1,245      1,342        (7) 
===========================  ========  =======  ========  =======  =========  ========= 
 Net debt(1)                                                9,520   9,567(2)   GBP(47)m 
===========================  ========  =======  ========  =======  =========  ========= 
 

Line of business results

 
                           Adjusted(1)              Adjusted(1)                Normalised 
                             revenue                   EBITDA               free cash flow(1) 
=================  =======================  =======================  ========================== 
 Second quarter      2017    2016   Change    2017    2016   Change     2017     2016    Change 
  to 
 30 September        GBPm    GBPm        %    GBPm    GBPm        %     GBPm     GBPm         % 
=================  ======  ======  =======  ======  ======  =======  =======  =======  ======== 
 BT Consumer        1,261   1,251        1     245     252      (3)       23       90      (74) 
 EE                 1,326   1,277        4     326     282       16      224      135        66 
 Business and 
  Public Sector     1,153   1,177      (2)     358     387      (7)      270      306      (12) 
 Global Services    1,262   1,409     (10)      81     132     (39)       46       58      (21) 
 Wholesale and 
  Ventures            505     522      (3)     187     204      (8)      120      155      (23) 
 Openreach          1,281   1,273        1     624     630      (1)      184      456      (60) 
 Other                  3       1      n/m    (10)       1      n/m    (178)    (306)      (42) 
 Intra-group 
  items             (840)   (857)      (2)       -       -        -        -        -         - 
=================  ======  ======  =======  ======  ======  =======  =======  =======  ======== 
 Total              5,951   6,053      (2)   1,811   1,888      (4)      689      894      (23) 
=================  ======  ======  =======  ======  ======  =======  =======  =======  ======== 
 

(1) See Glossary

(2) Revised, see note 1 to the condensed consolidated financial statements

n/m = not meaningful

Glossary of alternative performance measures

 
 Adjusted          Before specific items 
 Free cash flow    Cash generated from operations (after 
                    capital expenditure) excluding pension 
                    deficit payments and after interest, 
                    tax and non-current asset investments 
 Net debt          Loans and other borrowings (both current 
                    and non-current), less current asset 
                    investments and cash and cash equivalents. 
                    Currency denominated balances within 
                    net debt are translated to Sterling 
                    at swapped rates where hedged 
 Normalised free   Free cash flow before specific items 
  cash flow         and the cash tax benefit of pension 
                    deficit payments 
 Specific items    Items that in management's judgement 
                    need to be disclosed separately by virtue 
                    of their size, nature or incidence. 
                    Further information is provided in note 
                    4 on page 28 
 Underlying        Excludes specific items, foreign exchange 
                    movements and the effect of acquisitions 
                    and disposals. Further information is 
                    provided in note 2 on page 35 
================  ============================================ 
 

Reconciliations to the most directly comparable IFRS measures are in Additional Information on pages 35 to 37. Our commentary focuses on the trading results on an adjusted basis. Unless otherwise stated in the commentary, revenue, operating costs, earnings before interest, tax, depreciation and amortisation (EBITDA), operating profit, profit before tax, net finance expense, earnings per share (EPS) and normalised free cash flow are measured before specific items. Further information is provided in note 1 on page 35.

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/3295V_-2017-11-1.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR UGGWGGUPMPGG

(END) Dow Jones Newswires

November 02, 2017 03:00 ET (07:00 GMT)

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