Broadband boosts BT bottom line

28 Jul 2005

UK incumbent BT Group has reported a 24% hike in its fiscal first quarter profit, on the back of its best sales growth since 2002. Net income for the three months to the end of June 2005 reached GBP374 million (USD652 million), from GBP302 million a year earlier. Revenue increased 4.7% y-o-y to GBP4.78 billion. Much of the improvement was due to the telco’s increasing focus on broadband services as a means of making up for declining fixed line voice revenues and UK high-speed internet connections overtook the number of dial-up customers for the first time in June, according to regulator Ofcom. ‘We are losing fixed-line customers,’ BT Chief Financial Officer Hanif Lalani told Bloomberg. ‘But the rate of loss is much lower than the rate last year.’

United Kingdom, BT Group (incl. Openreach)