BT claims ‘strong operating momentum’ in 9M FY22

3 Feb 2022

BT Group has published a trading update for the period ended 31 December 2021, reporting ‘strong operating momentum delivered by record customer experience and fibre-to-the-premises (FTTP) build’. In the nine-month period under review the company generated a total turnover of GBP15.68 billion (USD21.27 billion), down from GBP16.06 billion in 9M FY21, although adjusted EBITDA was up 2% year-on-year at GBP5.71 billion, driven by tight cost management, lower indirect commissions and higher revenue from Ethernet and fibre-enabled products, partly offset by declining revenue in Global and Enterprise. Profit before tax declined by 3% on annualised basis, to GBP1.54 billion, attributed to higher finance expenses and depreciation and amortisation, with profit after tax slumping to GBP886 million in 9M FY22, from GBP1.28 billion in the corresponding period a year earlier.

BT’s capital expenditure in the nine-month period stood at GBP3.75 billion, a notable uptick from the GBP3.03 billion reported a year earlier, with the increase primarily attributed to investment in spectrum, FTTP and the company’s mobile network.

In terms of specifics, the company reported that it had delivered a record FTTP build of 662,000 premises over the period under review, at an average rate of more than 50,000 premises per week in the last quarter of 2021. As a result, it said that 6.44 million premises were now within reach of its full fibre network, including some two million in rural areas. Meanwhile, the company also revealed that EE’s 5G network now covers ‘more than 40% of the UK population’.

United Kingdom, BT Group (incl. Openreach), EE, Openreach