If Bt has bought back 2million 5 thousand shares to day. How come it shows on trades as a sell?

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They are probably concentrating here :-

"We expect to achieve our 2013 EBITDA(1) target of above GBP6bn a year early and to deliver free cash flow(2) of around GBP2.4bn this year."

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BT building momentum, says Nomura


LONDON (SHARECAST) - Nomura has maintained its buy rating on BT, saying that the telecom titan's trading momentum is building nicely for 2012.

BT reported this morning that revenue totalled £4,774m in the third quarter, down 5% on last year, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 3% to £1,524m. Nomura notes that revenue was 0.2% below consensus, however, with strong cost reduction in Retail and operational momentum in Openreach, EBITDA surpassed forecasts by 1.6%. Earnings per share and free cash flow were 5% ahead of consensus, the broker added.

BT now expects to achieve its EBITDA target of above £6,000m this year, rather than in 2013.

"With consensus already sitting at £6.01bn for FY 12, we expect marginal upgrades to at least reflect the robust trading performance," the broker said.

Nomura kept its target price of 285p.

The price came within a gnats tadger of my limit sell towards the close - I'm unsure as to where this is going now - weekend press may well hold sway for a few PIs.

pensions are paid out over decades ....don't panic Captain M....

BT profits jump on surge in superfast broadband demand

BT has unveiled plans for a new high-speed broadband package available in remote parts of the country, as its profits jumped by nearly half in the third quarter thanks to demand for superfast internet access.

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12+ month high today.

Hoping for mid 230's ?

Goldman Sachs retains its Buy TP upped from 248.00 to 300.00

BT and Talk Talk lose file-sharing appeal

BT and Talk Talk have lost an appeal over controversial measures to tackle copyright infringement online.

The internet service providers (ISPs) had argued the UK's Digital Economy Act was incompatible with EU law.

The Act will mean ISPs will have to send warning letters to alleged illegal file downloaders, as well as potentially cutting users off.

The creative industry argues that piracy costs £400m a year in lost revenue.

March 23, 2012

BT GROUP PLC

BT AND TRUSTEE OF BT PENSION SCHEME ANNOUNCE AGREEMENT ON THE 2011 TRIENNIAL FUNDING VALUATION AT 30 JUNE 2011

BT and the Trustee of the BT Pension Scheme (BTPS, or the 'Scheme') have reached agreement on the approach to the 2011 triennial funding valuation (the '2011 valuation') and recovery plan. The funding deficit has provisionally been agreed by BT and the Trustee to be GBP4.1bn at 30 June 2011. This is based on the same methodology as the previous valuation at 31 December 2008, when the deficit was GBP9.0bn. The final certification of the 2011 valuation is expected in May when the Scheme Actuary completes his procedures.

Under the recovery plan BT will make a lump sum payment of GBP2.0bn into the Scheme before the end of March 2012, from existing cash resources of GBP1.5bn supplemented by recent borrowings, followed by nine deficit payments of GBP325m in March of each year from 2013 to 2021.

The 2011 valuation has been carried out at 30 June 2011 rather than 31 December 2011, the latest allowable date. This has enabled the valuation to be largely completed to allow a lump sum payment to be made prior to the end of BT's 2012 financial year. Undertaking the valuation at 30 June 2011 has also reduced the uncertainty arising from trying to assess long-term pension liabilities given the current dislocation in the gilts market as a result of quantitative easing and issues in the Euro zone. Future triennial valuations will also be based on a June valuation date as this will enable the Trustee and BT to complete the valuation within BT's financial year.

BT has also agreed with the Trustee other protections as detailed in the notes to this release. In addition, in order to provide greater certainty, a schedule of future potential payments which will depend on the outcomes of the next triennial valuations in 2014 and 2017, has been agreed by BT.

The valuation documentation will be submitted to the Pensions Regulator within ten working days of its completion. The final Court decision in the Crown Guarantee case, after any appeals, will give greater clarity as to the extent to which the liabilities of the BTPS are covered by a Crown Guarantee. This will inform the Pensions Regulator's next steps with regards to the valuation of the Scheme. The Trustee has taken no account of the Crown Guarantee in completing the valuation, which has been prepared on a basis consistent with the 2008 valuation as required by the Pensions Act, notwithstanding its uncertainty regarding the applicability of the Pensions Act to the funding valuation of the Scheme.

Ian Livingston, BT Chief Executive, said: "I am pleased that we have been able to reach an agreement with the Trustee. This agreement under which the company makes an immediate contribution to the Scheme of almost half of the deficit reflects BT's financial strength and re-affirms our commitment to the Scheme. BT's long-term sustainable cash generation has improved significantly since the 2008 valuation and we remain focussed on improving BT's financial strength, investing in our future and enhancing shareholder returns."

Paul Spencer CBE, Chairman of the BTPS Trustee, said: "The Trustee is very pleased to have reached agreement with BT on the 2011 valuation. Since the last valuation, BT has had a successful period, enabling it to pay a GBP2.0bn upfront payment, and eliminate the deficit within ten years. The Trustee looks forward to working with BT to further enhance the security of our members' benefits."

300p here we come.

Dil - the weekend press should be interesting.

am waiting to hear regulators view of events