BT reports surge in fourth quarter profits

19 May 2005

BT Group has reported that fiscal fourth quarter net income rose 44% year-on-year to GBP435 million (USD800 million) – above analyst expectations – on the back of cuts in the workforce and sales growth. Revenue for the quarter was up 1.7% to GBP4.9 billion, thanks largely to sales growth of 27% from what the company calls its “New Wave” segment – broadband internet, business computing and mobile services. BT connected 825,000 broadband customers in the period, taking the total to more than five million. After the results were announced today, BT shares went up 3.6% in early trading. In terms of the last twelve months, the stock has outperformed its European peers by over 7%.

United Kingdom, BT Group (incl. Openreach)