BT Group profits up by 7pc despite declining revenue

1 Feb 2013

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Telecoms group BT this morning posted third-quarter revenues of stg£4.51bn, down 6pc from the same quarter a year ago, but cost-cutting measures have helped its profits grow by 7pc to reach stg£675m.

Cost-cutting measures at BT meant profit before taxes for the three months ending in December rose by 7pc to reach stg£675m. Over the same period last year profits were stg£632m.

Meanwhile, BT’s operating costs fell by 8pc to stg£3.069bn.

BT Ireland reported that its revenue increased by 5pc, excluding the impact of foreign exchange movements, with growth across all areas of the business.

"Half of our retail broadband customers in Northern Ireland are now taking fibre which is helping to drive revenue growth," said the company in a statement.

In the quarter, BT Ireland was also selected as the NI Direct partner to develop and improve access to Northern Ireland government services.  

In a statement, BT’s chief executive Ian Livingston said 13m homes in the UK now have access to the company’s fibre broadband.

He said BT is passing around 100,000 additional premises every week.

"Take-up is growing strongly with around 1.25m homes and businesses now enjoying the benefits of faster speeds," said Livingston.

He said this would give BT a platform to push into TV and sport later this year.

"We have secured attractive new content and world-class production facilities at the Olympic Park and are building a strong team," he said.

Over the third quarter ending in December, he said BT’s engineers had connected a further 281,000 homes and businesses to broadband.

"We have made progress in a number of areas and delivered solid financial results," said Livingston.

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Carmel was a long-time reporter with Siliconrepublic.com

editorial@siliconrepublic.com