BT issues Q1 trading update, reporting 1% y-o-y revenue increase

28 Jul 2022

UK-based BT Group has published its financial results for the quarter ended 30 June 2022, reporting a total turnover of GBP5.130 billion (USD6.19 billion), up from GBP5.017 billion in the corresponding period a year earlier. According to BT, the increase in revenue was attributable to ‘improved pricing and trading in Consumer and Openreach, offset by the migration of a wholesale MVNO customer which concluded in FY22 and by continued legacy product declines and challenging market conditions impacting large corporate customers in Enterprise and Global’.

In terms of other key financial indicators reported by the company, BT reported that adjusted EBITDA for Q1 FY23 totalled GBP1.903 billion, up from GBP1.866 billion, an increase primarily due to higher revenue and ‘continued strong cost control’. Profit before tax for the period under review declined by 10% year-on-year to GBP482 million, however, impacted by increased deprecation offsetting EBTIDA growth. BT’s net profit totalled GBP422 million in the quarter though, a notable improvement on the GBP2 million recorded a year earlier.

With regards to operational highlights, BT was keen to stress the progress made with its domestic fibre-to-the-premises (FTTP) network rollout, saying it had seen a record quarterly build rate, adding 763,000 premises to the network footprint. As a result, BT’s FTTP network was reported to cover a total of 7.957 million premises as of 30 June 2022, up from 7.194 million three months earlier and 5.165 million at mid-2020. Looking ahead, the company has said it now expects to increase its annual build from 2.6 million premises last year to around 3.5 million this year. In the mobile sector, meanwhile, BT confirmed that its mobile subsidiary EE’s 5G network now covers more than 55% of the UK’s population.

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