|
Gavin Patterson, Chief Executive, commenting on the results,
said
“BT has delivered an encouraging performance in the first
quarter of the year. We’ve made good progress in our key
areas of strategic focus: deliver great customer experience, invest
for growth, and transform our costs. In particular, I’d
highlight the growth achieved by our consumer facing businesses,
helped by mobile.
“BT, with Openreach, is well placed to support the roll out
of FTTP in the UK, and we’re consulting with Ofcom,
Government and other communications providers to build the
investment case to achieve this outcome.
“Our new Consumer business will operate our three distinct
brands; BT, EE and Plusnet; to leverage our position as the largest and
only fully converged player in the market, spanning fixed and
mobile networks, consumer products and services as well as
content.
“We will continue to simplify and streamline the business and
rationalise our costs as demonstrated by our ongoing performance
transformation programme. Our businesses are leaders in their core
segments and as we drive the business forward I am confident in the
outlook for our Company.”
|
|
|||||
|
|
|
|
First quarter to 30 June 2017
|
|||
|
|
|
|
|
£m
|
Change
|
|
|
Reported
measures
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
5,837
|
1%
|
|
|
Profit
before tax
|
|
|
|
418
|
(42)%
|
|
|
Basic
earnings per share
|
|
|
|
2.9p
|
(51)%
|
|
|
Net
cash inflow from operating activities
|
|
|
|
1,315
|
£(19)m
|
|
|
|
|
|
|
|
||
|
Adjusted
measures
|
|
|
|
|
||
|
Change
in underlying1 revenue excluding
transit
|
|
|
|
0.2%
|
||
|
Adjusted1
EBITDA
|
|
|
|
1,785
|
(2)%
|
|
|
Change
in underlying1 EBITDA
|
|
|
|
|
(2.5)%
|
|
|
Adjusted1
profit before tax
|
|
|
|
791
|
(1)%
|
|
|
Adjusted1
basic earnings per share
|
|
|
|
6.3p
|
(5)%
|
|
|
Normalised
free cash flow1
|
|
|
556
|
£108m
|
||
|
Net
debt1
|
|
|
|
8,810
|
£(762)m2
|
|
|
|
|
First quarter to 30
June
|
|||||
|
|
|
|
|
2017
|
2016
|
Change
|
|
|
|
|
|
|
£m
|
£m
|
%
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
- reported
|
|
|
|
5,837
|
5,775
|
1
|
|
|
- adjusted1
|
|
|
|
5,849
|
5,775
|
1
|
|
|
- change in underlying1
revenue excluding
transit
|
|
|
|
|
|
0.2
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
- reported
|
|
|
|
1,467
|
1,785
|
(18)
|
|
|
- adjusted1
|
|
|
|
1,785
|
1,818
|
(2)
|
|
|
- change in underlying1
EBITDA
|
|
|
|
|
|
(2.5)
|
|
|
Operating profit
|
|
|
|
|
|
|
|
|
- reported
|
|
|
|
602
|
930
|
(35)
|
|
|
- adjusted1
|
|
|
|
920
|
963
|
(4)
|
|
|
Profit before tax
|
|
|
|
|
|
|
|
|
- reported
|
|
|
|
418
|
717
|
(42)
|
|
|
- adjusted1
|
|
|
|
791
|
802
|
(1)
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
- reported
|
|
|
|
2.9p
|
5.9p
|
(51)
|
|
|
- adjusted1
|
|
|
|
6.3p
|
6.6p
|
(5)
|
|
|
Capital expenditure
|
|
|
|
835
|
777
|
7
|
|
|
Normalised free cash flow1
|
|
|
|
556
|
448
|
24
|
|
|
Net debt1
|
|
|
|
8,810
|
9,5722
|
£(762)m
|
|
|
|
Adjusted1
revenue
|
Adjusted1
EBITDA
|
Normalised
free cash flow1
|
||||||
|
First
quarter to 30 June
|
2017
|
2016
|
Change
|
2017
|
2016
|
Change
|
2017
|
2016
|
Change
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
Consumer
|
1,255
|
1,175
|
7
|
233
|
239
|
(3)
|
255
|
298
|
(14)
|
|
EE
|
1,291
|
1,243
|
4
|
335
|
281
|
19
|
166
|
187
|
(11)
|
|
Business and Public
Sector
|
1,128
|
1,169
|
(4)
|
336
|
357
|
(6)
|
209
|
252
|
(17)
|
|
Global
Services
|
1,244
|
1,250
|
-
|
73
|
119
|
(39)
|
(178)
|
(283)
|
37
|
|
Wholesale and
Ventures
|
492
|
518
|
(5)
|
174
|
199
|
(13)
|
100
|
134
|
(25)
|
|
Openreach
|
1,267
|
1,252
|
1
|
614
|
632
|
(3)
|
303
|
235
|
29
|
|
Other
|
4
|
3
|
33
|
20
|
(9)
|
n/m
|
(299)
|
(375)
|
20
|
|
Intra-group
items
|
(832)
|
(835)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total
|
5,849
|
5,775
|
1
|
1,785
|
1,818
|
(2)
|
556
|
448
|
24
|
|
Adjusted
|
Before
specific items
|
|
Free cash flow
|
Cash
generated from operations (after capital expenditure) excluding
pension deficit payments and after interest, tax and non-current
asset investments
|
|
Net debt
|
Loans
and other borrowings (both current and non-current), less current
asset investments and cash and cash equivalents. Currency
denominated balances within net debt are translated to Sterling at
swapped rates where hedged
|
|
Normalised free cash flow
|
Free
cash flow before specific items and the cash tax benefit of pension
deficit payments
|
|
Specific items
|
Items
that in management’s judgement need to be disclosed
separately by virtue of their size, nature or incidence. Further
information is provided in note 1 on page 21
|
|
Underlying
|
Excludes
specific items, foreign exchange movements and the effect of
acquisitions and disposals. Further information is provided in note
2 on page 21
|