3rd Quarter Results.
Key points:
Revenue growth of 5% driven by acquisitions and foreign exchange
EBITDA1 decline due to poor performance in BT Global Services and one-off charges
Rest of the business performed ahead of expectations, with EBITDA1 growth of 5% being the best year on year performance for five years
Total one-off charges of 336m as a result of the financial and contract reviews in BT Global Services
Completion of the ongoing contract and operational reviews may result in further substantial one-off charges in the fourth quarter
Decisive action to improve performance in BT Global Services
Free cash flow improved due to lower working capital outflow and lower capital expenditure
Total labour resource reduction of 9,500 in the nine months to 31 December
BT's retail share of the DSL and LLU installed base remained steady at 34% (28% share of net additions in the quarter)
BT Global Services order intake remained steady at 1.8bn in the quarter and 8.3bn over the past 12 months