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Two-thirds of children who started school in 2016 are likely to do jobs not yet invented.
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When I became chief executive in February 2019, I talked of BT’s systemic importance to the UK’s society and economy. I did that, not to underplay our role as a leading business partner to the world’s multinational organisations, but to emphasise that our mission to build a better BT for the future is in the interests of the country at large, as well as our investors.
We are here to connect for good – for the good of our customers, the good of our colleagues, the good of our country. These principles have guided our decision-making throughout the Covid-19 pandemic.
Our national leadership role is central to the UK’s post-Brexit fortunes and to the Government’s bold ambitions for digital infrastructure; but recent months have brought it into the sharpest focus in our company’s history.
I am very proud of BT’s response in recent months, but equally determined that we harness that same energy as we continue to transform the company.
We delivered financial results for the year in line with our expectations. However, due to the uncertainty resulting from the Covid-19 pandemic, we have at this time decided not to provide an outlook for 2020/21.
Financial highlights
Revenue
£22.9bn
(2)%
Change in adjusted(a) revenue
(3)%
Profit before tax
£2.4bn
(12)%
Adjusted(b) EBITDA
£7.9bn
7%
Cash flow from operating activities
£6.3bn
47%
Normalised free cash flow(c)
£2.0bn
(18)%
Basic earnings per share
17.5p
(20)%
Capital expenditure
£4.0bn
Flat
(a) Items presented as adjusted are stated before specific items. See page 204 of the Annual Report for more information.
(b) Adjusted (being before specific items, share of post tax profits/losses of associates and joint ventures and net non-interest related finance expense), as explained in the Additional information on page 204 of the Annual Report.
(c) Free cash flow after net interest paid and payment of lease liabilities, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items as explained in the Additional information on page 206 of the Annual Report.
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Annual Report 2020
PDF 11.5mb
Annual Report 2020 (Smart PDF)
PDF 25.6mb
Sections
Strategic report
PDF 7.3mb
Section 172 Companies Act 2006 statement
PDF 228kb
Corporate governance report
PDF 1.9mb
Financial statements
PDF 2.7mb
Additional information
PDF 220kb
Digital Impact and Sustainability Report 2019/20 (Accessible version)
Word document 115kb
Chapters
Introduction
PDF 486kb
Building better digital lives
PDF 939kb
Championing human and digital rights
PDF 314kb
Strong foundations
PDF 516kb