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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bt Group Plc | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.55 | 1.50% | 105.10 | 105.00 | 105.10 | 106.25 | 103.60 | 104.15 | 17,449,131 | 16:35:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Phone Comm Ex Radiotelephone | 20.92B | 1.91B | 0.1916 | 5.48 | 10.44B |
TIDMBT.A
RNS Number : 9434V
BT Group PLC
27 July 2018
BT Group plc
Trading update for the first quarter to 30 June 2018
27 July 2018
BT Group plc (BT.L) today announced its trading update for the first quarter to 30 June 2018.
Key developments for the quarter
Strategic:
-- Successfully launched new converged products including BT Plus and 4G Assure -- EE to launch the UK's first live 5G trial network in East London in October
-- Future Telecoms Infrastructure Review conclusion and Ofcom's approach to future regulation provide positive progress towards enabling fair returns for infrastructure investment
-- Openreach announced new wholesale pricing discounts to accelerate superfast and ultrafast uptake
-- Continued improvement in customer experience metrics; Group NPS(1) up 1.9 points and Right First Time(2) up 3.1%
-- Initiatives to transform our operating model on track; new Enterprise senior leadership team announced
Operational:
-- Over 1.7m total ultrafast premises passed; currently building FTTP to c.10,000 premises per week
-- Monthly fixed ARPU up 1% to GBP37.9, with increased mix of SIM only reducing postpaid mobile ARPU by 1% to GBP21.7; churn remains low at 1.2%
-- Mobile customers up 4% in Business and Public Sector. External broadband lines down 6% in Wholesale and Ventures and 3% in Business and Public Sector
Financial:
-- Reported revenue of GBP5,715m. Underlying(3) revenue down 2%(4) as regulated price reductions in Openreach and declines in our enterprise businesses offset growth in our consumer business
-- Adjusted(3) EBITDA up 1%(4) to GBP1,800m mainly driven by stronger handset margins in our consumer business and restructuring related cost savings
-- Reported profit before tax of GBP704m. Adjusted(3) profit before tax up 3%(4) at GBP816m
-- Normalised free cash flow(3) of GBP507m down 9% mainly driven by increased cash capital expenditure partly offset by timing of working capital movements
-- Reported capital expenditure broadly flat at GBP839m Gavin Patterson, Chief Executive, commenting on the trading update, said "We've made a good start to the year. We are making positive progress against our strategy. Our customer experience metrics continue to improve and we have seen the successful launch of new converged products including BT Plus, our first Consumer converged offering and 4G Assure, for business customers. Initiatives to transform our operating model have seen a gross reduction in c.900 roles across the Group and improved cost performance. "EE continues to maintain its network leadership and will switch on the UK's first live 5G network trial in October. Openreach continues its FTTP network deployment and is currently building to c.10,000 premises per week. New Openreach wholesale pricing will incentivise communications providers to encourage more of their customers onto better services and ultimately move the vast majority of Britain's homes and businesses onto superfast and ultrafast platforms. We welcome the initial outcome of DCMS' Future Telecoms Infrastructure Review and Ofcom's approach to future regulation and look forward to further engagement with all our key stakeholders to ensure greater clarity, certainty and support as we look to realise our broader investment ambitions. "Our outlook for the year remains unchanged." =========== 2018 2017 2017 First quarter to 30 June (IFRS 15) (IFRS 15 pro forma unaudited) (IAS 18) Change(4) =============================== ==== =========== =============================== ========== =========== GBPm GBPm GBPm % =============================== ==== =========== =============================== ========== =========== Reported measures Revenue 5,715 5,837 n/m Profit before tax 704 418 n/m Profit after tax 549 285 n/m Adjusted measures Adjusted revenue 5,716 5,835 5,849 (2) Change in underlying(3) revenue (2) Adjusted(3) EBITDA 1,800 1,785 1,785 1 Adjusted(3) profit before tax 816 791 791 3 Capital expenditure 839 835 835 - Normalised free cash flow(3) 507 556 556 GBP(49)m Net debt(3) 11,227 8,810 8,810 GBP2,417m ===================================== =========== =============================== ========== ===========
(1) Group NPS measures Net Promoter Score in our retail business and Net Satisfaction in our wholesale business
(2) Measured against Group-wide 'Right First Time' (RFT) index
(3) See Glossary on page 2
(4) Measured against unaudited IFRS 15 pro forma comparative period in the prior year
n/m = IFRS 15 to IAS 18 comparison not meaningful
Customer facing unit results for the first quarter to 30 June 2018
Adjusted(1) revenue Adjusted(1) EBITDA =========================== ========================== First quarter to 30 June 2018 2017(2) Change 2018 2017(2) Change GBPm GBPm % GBPm GBPm % ============================ ======= ========= ======= ======= ======== ======= Consumer 2,591 2,540 2 610 556 10 Business and Public Sector 1,085 1,132 (4) 350 342 2 Wholesale and Ventures 459 497 (8) 154 174 (11) Global Services 1,147 1,246 (8) 95 73 30 Openreach 1,217 1,248 (2) 567 621 (9) Other 1 2 n/m 24 19 26 Intra-group eliminations (784) (830) 6 - - - ============================ ======= ========= ======= ======= ======== ======= Total 5,716 5,835 (2) 1,800 1,785 1 ============================ ======= ========= ======= ======= ======== =======
(1) See Glossary
(2) Unaudited IFRS 15 pro forma used for comparative period in the prior year
n/m = not meaningful
SUMMARY AND OUTLOOK
There is no change to our financial outlook for 2018/19 from that published on 25 June which reflected the adoption of the IFRS 15 accounting standard.
2018/19 Change in underlying(1) revenue Down c.2% (IFRS 15 basis) Adjusted(1) EBITDA (IFRS 15 basis) GBP7.3bn - GBP7.4bn Normalised free cash flow(1) GBP2.3bn - GBP2.5bn Capital expenditure(2) c.GBP3.7bn =================================== ============
(1) See Glossary
(2) Excluding BDUK clawback
Enquiries
Press office: Tom Engel Tel: 020 7356 5369 Investor relations: Mark Lidiard Tel: 020 7356 4909
We will hold a conference call for analysts and investors in London at 9am today and a simultaneous webcast will be available at www.bt.com/results
We are scheduled to announce the second quarter and half year results for 2018/19 on 1 November 2018.
Glossary of alternative performance measures
Adjusted Before specific items 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 and the cash cash flow 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 1 on page 9 Underlying Excludes specific items, foreign exchange movements and the effect of acquisitions and disposals. Further information is provided in note 2 on page 9 ================ ===========================================================
Our commentary focuses on the trading results on an adjusted basis. Unless otherwise stated, revenue, earnings before interest, tax, depreciation and amortisation (EBITDA), profit before tax, and normalised free cash flow are measured before specific items. Further information is provided in note 1 on page 9.
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/9434V_1-2018-7-26.pdf
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCRFMMTMBJTTFP
(END) Dow Jones Newswires
July 27, 2018 02:00 ET (06:00 GMT)
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