BT reports revenue decline in FY13

10 May 2013

British fixed line incumbent has reported its financial results for the year ended 31 March 2013, revealing a 5% year-on-year decline in revenues. In the year under review BT generated a total adjusted turnover of GBP18.253 billion (USD27.7 billion), down from GBP19.307 billion in FY2012, although the telco’s ‘key revenue measure’ – underlying revenue excluding transit – fared marginally better, dropping by 3% year-on-year. Broken down, revenues from the retail division declined by 2% compared to the previous year, standing at GBP7.228 billion, while turnover from the telco’s BT Global Services and BT Wholesale units fell to GBP7.166 billion (down 8% y-o-y) and GBP3.588 billion (down 9%), respectively.

Adjusted EBITDA in the twelve-month period, meanwhile, totalled GBP6.181 billion, representing a 2% increase from the GBP6.064 billion recorded in the previous fiscal year, while adjusted operating profit was GBP3.338 billion, up from GBP3.092 billion. Profit before tax for the telco’s latest financial year came in at GBP2.694 billion compared with GBP2.421 billion in FY12.

In operational terms, at the end of March 2013 BT’s broadband subscriber base had risen to 6.704 million, up from 6.280 million a year earlier, while the telco noted that there were more than 1.5 million homes and businesses using its fibre-based services at that date, having more than doubled in the year with 873,000 net new connections. Pay-TV subscriber numbers too continued to climb, with the number of customers signed up to the telco’s ‘BT Vision’ service reaching 810,000 at the end of the period, up from 707,000 at the end of FY12. Fixed voice accesses, by comparison, continued to decline, falling to 14.372 million, down from 15.470 million at end-March 2012.

United Kingdom, BT Group (incl. Openreach)