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BT announces Q1 results, revenue drops by 2 per cent

BT has revealed its Q1 results (for the quarter running up to the end of June), but the telecoms giant's revenue was actually down very slightly compared to the same period last year.

It dropped 2 per cent to £4.35 billion, although BT noted that underlying revenue excluding transit rose by 0.5 per cent – although either way, things were broadly flat, particularly earnings (before tax) which did actually stay the same year-on-year at £1.44 billion.

Adjusted profit before tax was up, though, at £638 million which represents a rise of 7 per cent, with reported profit before tax up 22 per cent at £546 million.

Adjusted earnings per share were 6.5 pence, with BT's net debt now standing at £7.08 billion.

BT said its outlook for the future remained unchanged, and Gavin Patterson, Chief Executive, commented: "We have made a good start to the year. We have delivered growth in underlying revenue excluding transit and in profit before tax, and free cash flow was strong."

"Our fibre broadband network now covers more than twenty million premises. We are passing over 70,000 additional premises each week and demand is strong with more than three million already signed up. We have announced a further 2,500 new jobs in recent months to support our strategic investments in fibre and customer service."

He added: "I'm excited by the launch of BT One Phone for the business market as well as our other mobility plans. We'll say more on these later this financial year... We are building on solid foundations and I am confident we will deliver on our strategy."