BT profits up through slashing costs regime

BT group reveal success in making £900m in savings in the first (fiscal) half of the year and intend to raise this to over £1.5bn by April 2010. Language like ‘We still have a lot to do’ can be heard across the telecoms and wider tech sectors. Most of the savings have been staff reductions across the group.

£226m of tax repayments and interest back from the UK government have pushed net profit up for this quarter, enabling an interim dividend of 2.3 pence per share. CEO Ian Livingston announced the expected share return for the year should come in at about 5%.

Like to know more? press release here

Originally published at