Half-year underlying revenue rose 1% to £8.8bn, with second-quarter revenue ahead of expectations. Underlying cash profit (EBITDA) also rose 1% to £4.1bn, helped by cost savings.
Openreach added a record 1.1mn full-fibre connections, taking the total to 9.9mn. Total broadband lines fell by 175,000 in the second quarter.
Underlying free cash flow fell 59% to £236mn, and net debt rose to £21.0bn. An interim dividend of 2.50p was declared, up 2%.
Full-year guidance was unchanged, including around £2.0bn of underlying free cash flow. A new pension agreement means no further cash top-up payments are expected.
The shares rose 5.6% in early trading.
Our view
HL view to follow.
BT key facts
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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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