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BT profit falls on Covid-19 impact, ongoing legacy product declines
StockMarketWire.com
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Telecoms company BT said a fall in profit as performance was weighed down ongoing legacy product declines and the impact of Covid-19 on its consumer and its enterprise units.
For the nine months to 31 December, pre-tax profit fell 17% to £1.59 billion and revenue was down 7% to £16.1 billion year-on-year.
In the third quarter of the year adjusted revenue fell 5% to £5.48 billion, led by weakness in its consumer, enterprise and global segments.
The company raised its fiscal 2021 outlook on free cashflow to a range of £1.3 billion to £1.5 billion, but kept its earnings before interest, taxes, depreciation, and amortisation, or EBITDA range between £7.3 billion to £7.5 billion.
'We delivered results in line with our expectations for the third quarter and remain on track to deliver our 2020/21 outlook despite even greater Covid-19 restrictions than previously forecast,' said CEO Philip Jansen said.
'With no material impact expected from the Brexit deal and our resilient results so far this year I remain confident in our EBITDA expectation of at least £7.9bn for 2022/23.'
Story provided by StockMarketWire.com
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