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7/31/2020, 8:15 AM (Source: TeleTrader)
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BT's revenue falls 6.8% to £5.2B in its Q1

BT Group announced on Friday that its revenue fell 6.8% in its first quarter to £5.2 billion, putting down the drop to the coronavirus pandemic. The company said its reported profit before tax fell 13% in the first quarter of its fiscal 2020 to £561 million as a result of lower earnings before interest, taxes, depreciation, and amortization (EBITDA) which dropped 7.4% year on year to £1.8 billion.

The company adjusted its 2020/2021 outlook and now expects adjusted revenue to decline between 5% and 6% while it sees its EBITDA in the range £7.2 billion - £7.5 billion.

"Throughout this crisis we remain focussed on delivering against our strategic goals to deliver long-term value for shareholders. We reached an important milestone with 3m FTTP premises now passed, welcomed Ofcom’s consultation on our rural FTTP build proposal, and have now deployed 5G to 100 towns and cities. Together with continued improvements in customer experience and our modernization program, we are positively positioned for the future," CEO Philip Jansen said.

Breaking the News / VP