FY23 financial results & events

Philip Jansen, Chief Executive, commenting on the results, said

“We’ve grown revenue and EBITDA on a pro forma, like-for-like basis, despite a challenging economic backdrop, and we’re transforming BT Group for the benefit of our customers. We continue to accelerate our investments in the UK’s leading next generation networks; we're combining our Enterprise and Global operations to create BT Business, a single, strengthened B2B unit; and we’re going further on cutting costs to deliver £3 billion in annualised savings by the end of FY25.

“On full fibre, we’re building - and now connecting - like fury: 9.6 million premises reached to date, with 29% already connected, and our 5G mobile network now reaches 60% of the UK population.

“In December we awarded a cost-of-living pay rise to 85% of our UK colleagues, reaching an agreement with our union partners that we will all lean into our ongoing transformation plans. Despite extraordinary energy costs and other inflationary headwinds, we are reaffirming our outlook for the year.”

Philip Jansen, Chief Executive, commenting on the results, said

"BT Group remains on the front foot in these turbulent times. Our strategy is working, we're executing against our plan and we're confident that we'll deliver our long-term ambition while underpinning economic growth in the UK.

“Our financial performance is on track; we grew revenue and EBITDA in the first six months of the year and we remain laser focused on modernising and simplifying BT Group. Given the current high inflationary environment, including significantly increased energy prices, we need to take additional action on our costs to maintain the cash flow needed to support our network investments. As a result, we are increasing our cost savings target from £2.5bn to £3.0bn by the end of FY25.

“High-quality connectivity has never been more important for our customers and our products provide great value for money.

“We continue to drive ahead with our strategy designed to deliver consistent and predictable revenue and EBITDA growth, expand cash flow and underpin our progressive dividend policy over the longer-term.”

Philip Jansen, Chief Executive, commenting on the results, said

“BT Group has made a good start to the year; we’re accelerating our network investments and performing well operationally.  Despite ongoing challenges in our enterprise businesses, we returned to revenue and EBITDA growth in the quarter.

“We continued to grow the number of BT and EE customers connected to our next generation networks. We're building our full fibre broadband network faster than ever and we're seeing record customer connections - both ahead of our own expectations. Openreach's full fibre network now reaches over 8 million homes and businesses across the UK and we anticipate increasing our annual build from 2.6 million premises last year to around 3.5 million this year. EE's 5G network covers more than 55% of the country’s population. We’re achieving continued high customer satisfaction scores thanks to our much improved customer service and the value for money that our products and services represent.

“The modernisation of BT Group remains on track. We are delivering and notwithstanding the current economic uncertainty we remain confident in our outlook for this financial year.”