Feeds

BT ups rev and profit

Triff

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Shares in BT rose this morning after the monster telco reported improved turnover and profit for the second quarter.

Group turnover rose 2 per cent to £4.66bn, up from £4.55bn during the same period last year.

Although the dominant telco only saw a slight increase in turnover, pre-tax profit jumped 55 per cent from £321m to £496m for the three months to the end of September 2002.

BT also managed to reduce its debt by £285m during the quarter. And once the disposal of its share in French telecoms outfit, Cegetel, is completed BT should see its debt reduced still further by around £2.5bn.

At the end of September BT's debts mountain was down to £13.1bn.

Despite improvements in BT's figures, today's results are likely to be remembered for the confirmation that growth targets set earlier this year were simply too ambitious.

CEO Ben Verwaayen had set a trend-bucking target of 6 - 8 per cent annual growth over the next three years. This week, though, investors and telecoms watchers were primed to expect that BT is expected to fall well short of this.

Today, BT's boss confirmed that the growth target "is unlikely to be achieved in the present market conditions" and said revenue growth would be in line with "current market expectations".

Despite that, the market has broadly welcomed the figres. By mid morning shares in BT were up 6.75p (3.59 per cent) at 195p. ®

Related Story

BT to undershoot sales targets

Choosing a cloud hosting partner with confidence

More from The Register

next story
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
Assange™ slumps back on Ecuador's sofa after detention appeal binned
Swedish court rules there's 'great risk' WikiLeaker will dodge prosecution
NSA mass spying reform KILLED by US Senators
Democrats needed just TWO more votes to keep alive bill reining in some surveillance
'Internet Freedom Panel' to keep web overlord ICANN out of Russian hands – new proposal
Come back with our internet! cries Republican drawing up bill
What a Mesa: Apple vows to re-use titsup GT sapphire glass plant
Commits to American manufacturing ... of secret tech
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Go beyond APM with real-time IT operations analytics
How IT operations teams can harness the wealth of wire data already flowing through their environment for real-time operational intelligence.
Why CIOs should rethink endpoint data protection in the age of mobility
Assessing trends in data protection, specifically with respect to mobile devices, BYOD, and remote employees.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?