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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bt Group Plc | LSE:0HKT | London | Ordinary Share | BT GROUP ADR REPRESENTING 5 ORD SHS |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.69 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMBT.A
RNS Number : 7127D
BT Group PLC
02 February 2018
BT Group plc
Results for the third quarter to 31 December 2017
2 February 2018
BT Group plc (BT.L) today announced its results for the third quarter to 31 December 2017.
Key developments for the quarter
Strategic:
-- Openreach to deliver FTTP to 3m premises by the end of 2020; sets course to reach 10m homes and businesses by mid-2020s with the right conditions
-- Continued improvement in customer experience metrics; Group NPS(1) up 5.5 points and Right First Time up 3.6%
-- BT TV customers to access premium sport and entertainment content under reciprocal wholesale TV deal with Sky
-- Triennial valuation of the BT Pension Scheme is proceeding and constructive discussions continue with the Trustee. We are appealing the court decision against changing the index used for pension increases from RPI for Section C members
-- Transformation programme and restructuring initiatives on track
Operational:
-- Openreach fibre connections at record high of 600,000, with superfast fibre broadband passing 27.4m UK premises
-- BT Consumer revenue generating units per customer increased 3% to 2.02, with ARPU up 5% to GBP41.3
-- Mobile postpaid net additions of 235,000, with low churn of 1.2%; monthly mobile postpaid ARPU down 2% to GBP26.2
-- Average BT Sport viewing increased 23% year on year; best quarterly performance since launch
-- Order intake, on a rolling 12-month basis, up 12% to GBP3,591m for Business and Public Sector, down 38% to GBP1,257m for Wholesale and Ventures and down 25% to GBP3,732m for Global Services, reflecting market conditions
Financial:
-- Reported revenue down 3% to GBP5,970m and underlying(2) revenue down 1.5%
-- Adjusted(2) EBITDA decreased 2% to GBP1,826m, reflecting investment in mobile devices and customer experience, along with higher business rates and pension costs, partly offset by cost savings
-- Net cash inflow from operating activities of GBP1,596m up GBP81m, and normalised free cash flow(2) of GBP702m up GBP96m mainly due to working capital phasing
Hot Features
Premium
-- Full year outlook maintained
Gavin Patterson, Chief Executive, commenting on the results, said
"Our third quarter financial results are broadly in line with our expectations
and we remain confident in our outlook for the full year. We continue
to improve our customer experience metrics across the Group, with our
sixth successive quarter of improved customer perception.
"We continue to work closely with the UK Government, Ofcom and our customers
to expand the deployment of fibre and Openreach recently announced plans
to accelerate our FTTP deployment to three million premises by the end
of 2020.
"We agreed a reciprocal wholesale deal with Sky that will deliver market
leading sports and entertainment channels to our BT TV platform by early
2019, reinforcing our strategic goal of being the best provider in the
UK of converged network services.
"The triennial valuation of the BT Pension Scheme is proceeding and constructive
discussions continue with the BTPS Trustee. We still expect to complete
the valuation in the first half of the 2018 calendar year. Our aim remains
to deliver fair, flexible and affordable pensions to all of our employees.
"We are delivering against our strategy, capitalising on opportunities
and responding to market challenges with a robust set of actions. Looking
ahead, we're confident in the steps we are taking to improve the performance
of BT for all our stakeholders."
==================================================================================
Third quarter to Nine months to
31 December 2017 31 December 2017
==================================================== =================== ===================
GBPm Change(3) GBPm Change(3)
==================================================== ====== ========== ======= =========
Reported measures
Revenue 5,970 (3)% 17,756 (1)%
Profit before tax 660 25% 1,744 (9)%
Basic earnings per share 5.0 p 32% 13.2 p (14)%
Net cash inflow from operating activities 1,596 GBP81m 4,181 GBP(402)m
===================================================== ====== ========== ======= =========
Adjusted measures
Change in underlying(2) revenue excluding transit (1.5)% (0.9)%
Adjusted(2) EBITDA 1,826 (2)% 5,422 (3)%
Adjusted(2) profit before tax 818 (1)% 2,398 (4)%
Adjusted(2) basic earnings per share 6.4 p (3)% 19.1 p (6)%
Normalised free cash flow(2) 702 GBP96m 1,947 GBP(1)m
Net debt(2) 8,923 GBP(58)m
===================================================== ====== ========== ======= =========
(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) Measured against the comparative period in the prior year
Group results for the third quarter to 31 December 2017
Third quarter Nine months
to 31 December to 31 December
================= ====================== =============================
2017 2016 Change 2017 2016 Change
GBPm GBPm % GBPm GBPm %
================= ===== ===== ====== ====== ====== ====== ===
Revenue
- reported 5,970 6,128 (3) 17,756 17,940 (1)
- adjusted(1) 5,979 6,126 (2) 17,779 17,954 (1)
- change in
underlying(1)
revenue
excluding
transit (1.5) (0.9)
================== ===== ===== ====== ====== ====== ======
EBITDA
- reported 1,722 1,624 6 4,931 5,148 (4)
- adjusted(1) 1,826 1,870 (2) 5,422 5,576 (3)
================== ===== ===== ====== ====== ====== ======
Operating
profit
- reported 854 729 17 2,306 2,529 (9)
- adjusted(1) 958 975 (2) 2,797 2,957 (5)
================== ===== ===== ====== ====== ====== ======
Profit before
tax
- reported 660 526 25 1,744 1,914 (9)
- adjusted(1) 818 826 (1) 2,398 2,501 (4)
================== ===== ===== ====== ====== ====== ======
Basic earnings
per share
- reported 5.0 p 3.8 p 32 13.2 p 15.4 p (14)
- adjusted(1) 6.4 p 6.6 p (3) 19.1 p 20.4 p (6)
================== ===== ===== ====== ====== ====== ======
Capital
expenditure 878 852 3 2,571 2,432 6
================== ===== ===== ====== ====== ====== ====== ===
Normalised free
cash flow(1) 702 606 16 1,947 1,948 -
================== ===== ===== ====== ====== ====== ====== ===
Net debt(1) 8,923 8,981 GBP(58 ) m
================== ===== ===== ====== ====== ====== ====== ===
Customer-facing unit results
Adjusted(1) revenue Adjusted(1) EBITDA Normalised free cash
flow(1)
============== ======================= ===================== ====================
Third 2017 2016 Change 2017 2016 Change 2017 2016 Change
quarter to
31 December GBPm GBPm % GBPm GBPm % GBPm GBPm %
============== ====== ===== ====== ===== ===== ====== ==== ==== ======
BT Consumer 1,261 1,262 - 250 260 (4) 114 162 (30)
EE 1,357 1,311 4 259 277 (6) 128 141 (9)
Business and
Public Sector 1,125 1,190 (5) 362 393 (8) 317 302 5
Global
Services 1,266 1,398 (9) 143 40 258 30 (115) 126
Wholesale and
Ventures 506 528 (4) 189 211 (10) 138 151 (9)
Openreach 1,286 1,284 - 641 676 (5) 332 362 (8)
Other 1 2 (50) (18) 13 (238) (357) (397) 10
Intra-group
items (823) (849) 3 - - - - - -
================ ===== ===== ====== ===== ===== ====== ==== ==== ======
Total 5,979 6,126 (2) 1,826 1,870 (2) 702 606 16
================ ===== ===== ====== ===== ===== ====== ==== ==== ======
(1) See Glossary
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 cash flow Free cash flow before specific items 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 1 on page 23
Underlying Excludes specific items, foreign exchange movements
and the effect of acquisitions and disposals. Further
information is provided in note 2 on page 23
========================== ==========================================================
Reconciliations to the most directly comparable IFRS measures are in Additional Information on pages 23 to 25. 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 23.
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/7127D_-2018-2-1.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTUARARWNAURUR
(END) Dow Jones Newswires
February 02, 2018 02:00 ET (07:00 GMT)
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