First-quarter underlying revenue was broadly flat at £4.3bn (as expected). UK service revenue fell 1% to £3.8bn, with growth at Openreach offset by declines in Consumer and Business.
Underlying cash profit (EBITDA) fell 1% to £2.0bn, as cost savings and higher Openreach profit helped offset weaker performance elsewhere.
Openreach added a record 574,000 full-fibre customers, taking total connections to 9.4mn. Total broadband lines (fibre & legacy lines) fell by 192,000 (198,000 losses expected).
Full-year guidance was unchanged, with BT continuing to target around £2.0bn of underlying free cash flow. The full-fibre network now reaches 23.4m premises and remains on track to hit 25m by December 2026.
The shares were broadly flat in early trading.
Our view
HL view to follow.
BT key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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