BT Group has published its financial results for the quarter ended 30 June 2019, highlighting a 1% fall in revenues year-on-year to GBP5.633 billion (USD6.85 billion), on the back of lower turnover from each of its Consumer, Enterprise and Global units. Indeed, only BT’s Openreach division saw an increase in revenue, generating GBP1.268 billion in the quarter under review, up from GBP1.255 billion, while Consumer, Enterprise and Revenue generated GBP2.550 billion, GBP1.516 billion and GBP1.085 billion, respectively.
Meanwhile, BT reported an adjusted EBITDA of GBP1.958 million for the three-month period, representing an annualised drop of 1% which the company attributed to lower revenues and higher spectrum fees and content costs, partly offset by reduction in costs from restructuring and transformation programmes. Reported profit before tax stood at GBP642 million, with adjusted profit before tax of GBP749 million, while capital expenditure totalled GBP931 million, up 11% y-o-y, ‘primarily due to network investment and customer driven costs’.
In terms of operational highlights, BT noted that Openreach’s rollout of fibre-to-the-premises (FTTP) technology was continuing apace, with it passing around 20,000 premises per week, with a total of 267,000 premises passed in the quarter. Such network development meant that as at end-June 2019 Openreach’s FTTP network passed a total of 1.514 million premises, up from 631,000 a year earlier, while G.fast technology was now available to 2.166 million premises (Jun-18: 1.117 million).